Peru heavy oil fields await development

Barrett Resources (Peru) retained a financial advisor to review alternatives to facilitate development of three large heavy oil fields in northeastern Peru.

Aug 15th, 2007

By OGJ editors
HOUSTON, Aug. 15 -- Barrett Resources (Peru) LLC, based in Lima and registered in Delaware, retained a financial advisor to review alternatives to facilitate development of three large heavy oil fields in northeastern Peru.

The Peruvian government recently approved Barrett's initial development plan for Paiche, Piranya, and Dorado fields are on Block 67 in the Maranon basin. The analysis of strategic and financing alternatives should be completed by yearend.

The company said development would require 400 km of 16-in. pipeline and production could start in 2010, attaining 100,000 b/d thereafter.

The former Barrett Resources Corp., public Denver independent, discovered the three fields in 1998 and was unable to attract a partner with heavy oil development expertise before its sale to Williams Cos., Tulsa, in August 2001 (OGJ Online, Jan. 17, 2006).

Three 7,000-ft discovery wells identified an estimated 90-313 million bbl of recoverable oil. Dorado cut 71 ft of pay with 14-16° gravity oil. Pirana cut 84 ft of oil pay with 12-21° gravity oil. Paiche cut 179 ft of total pay, including 122 ft of oil pay, with 12-13° gravity oil and low-btu gas.

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