TotalEnergies signed an agreement with state-owned PeruPetro SA to advance initial studies to evaluate the hydrocarbon potential of Talara and Tumbes basins in northwest Peru.
According to PeruPetro, the agreement includes three technical evaluation agreements, which will allow for comprehensive geological and geophysical desk studies to increase knowledge about the oil and gas potential of the sedimentary basins.
The agreements, valid for 24 months, allow for non-intrusive activities such as satellite studies and geological-geophysical reevaluation of PeruPetro’s data bank, among others.
Depending on the results, the companies may exercise the right of first option for potential negotiation and signing of a license contract.
Of the 18 oil basins in Peru, only five have been explored and produced. While interest in the hydrocarbon potential exists, especially offshore, said Andrés Armijos of Welligence, a market intelligence firm, “it never materializes due to various issues such as subsurface reliability or environmental licenses.”