Peruvian-American consortium to invest $800 million in Peru

May 13, 2024
Perupetro has granted the license contract for exploitation of hydrocarbons in Lot X in Talara, Peru, to a consortium of Aguaytía Energy, Termoselva, and Offshore International Group, that together plan to invest US$800 million to increase oil production.

Perupetro has granted a license contract for hydrocarbon exploitation in Lot X in Talara, Peru, to a consortium of Aguaytía Energy, Termoselva, and Offshore International Group, that together plan to invest US$800 million to increase oil production during the first 10 years of the license award.

Perupetro’s board president Jorge Pesantes Escalantes told Oil & Gas Journal at last week’s Offshore Technology Conference (OTC) in Houston that the bid winners would begin operating the lot as of May 20, replacing the current operator, CNPC.

According to Petroperú, the winning consortium offered to drill 440 additional development wells in addition to the 704 wells established in the process guidelines. The wells are expected to be drilled during the third and tenth year of the license contract. Two wells must be drilled in the first 10 years. 

Petroperú will hold a 40% stake in the license contract, Escalantes said.

Production from the lot is expected this year to regain average production of 10,000 b/d (30% of the country’s total production), up from the current 7,000 b/d, said Perupetro’s production and contracting manager Ysabel Calderón Cahua.

Meanwhile, Escalante said that Perupetro aims to expand gas reserves and will begin a public offering of offshore portfolio areas. "Our presence at OTC is to promote and attract investors interested in offshore areas, because Peru has 18 basins, of which only 5 are in production and there are 13 ready to be explored, studied, and evaluated."