By an OGJ correspondent
LIMA, Jan. 12 -- China National Petroleum Corp. subsidiary Sapet Development Corp. agreed to buy 45% of Argentine's Pluspetrol SA's oil reserves and production in Blocks 1AB and 8 in Peru's northern jungle for $200 million.
Pluspetrol will continue to operate the blocks. Last year, Block 1AB averaged 36,197 b/d of crude oil and Block 8 averaged 21,381 b/d. Peru's overall 2003 crude oil production averaged 91,350 b/d.
Sapet last year produced an average 3,296 b/d from Peru's northern coastal Blocks VII/VI (OGJ Online, June 3, 2003).
Pluspetrol Peru Corp. SA operates the Camisea natural gas project, slated to come on stream by August. Camisea involves upstream and downstream segments to develop and transport 13 tcf of gas (OGJ Online, Aug. 4, 2003).
Previously, Pluspetrol earlier sold part of its Camisea shares to Algiers' Sonatrach, reducing Pluspetrol's share in the upstream segment to 26% (OGJ Online, Nov. 3, 2003).
