Peru launches licensing round
Peru Monday launched a round of exploration and production licenses. Meanwhile, Energy Minister Carlos Herrera is working with the Finance Ministry to improve terms for exploration in remote areas, heavy oil discoveries, and additional production from mature fields.
LIMA�Peru Monday launched a round of exploration and production licenses.
It plans a Feb. 27 a presentation in Houston, Tex., to explain the prospects.
Peru is offering four unexplored blocks in deep water off the north coast. They are near Occidental Petroleum Co.�s Block Z-3, where the operator has completed seismic work and is seeking a partner to continue exploration.
Perupetro, the state oil agency, also is offering E&P contracts for six other north coast offshore blocks and eight blocks on the south coast for technical evaluation agreements (TEA).
Another 11 blocks are available in the jungle region, with previous exploration data available. And Petroperu is offering two TEA agreements in the northern jungle and one in the Titicaca basin.
Petroperu is negotiating with Repsol-YPF SA regarding a contract for Block 27 in the Mara�on basin. The Peruvian pipeline runs through the southern part of the block.
It was negotiating with Occidental on two blocks in the central Sub-Andean region and with Maple Gas Corp. of the US for a block neighboring Maple's existing operations.
Earlier this month Hunt Oil Co. signed TEAs for Area IV on the Brazilian border and Area VII on the south coast.
Energy and Mines Minister Carlos Herrera is working with the Finance Ministry to improve terms for exploration in remote areas and for heavy oil discoveries. Herrera also wants to reduce royalties for additional production in mature fields and refund value-added taxes for oil services and equipment.