PERU FINE TUNING NEW HYDROCARBON INVESTMENT LAW

Negotiations for new oil contracts in Peru are on hold until about the end of November as the Ministry of Energy and Mines fine tunes details of the country's newest hydrocarbon law. The new law is designed to boost private investment in Peru's struggling petroleum sector. Companies with pending contracts affected by the delay include Repsol SA, Madrid, Santa Fe Energy Resources Inc., Houston, Grana y Montero unit GMP SA, Lima, and a combine of Olympic Oil & Gas Co., Houston, and Cia.

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