Repsol-YPF finalizes contract for Peruvian block

Repsol Exploracion Peru, a unit of Spain�s Repsol-YPF SA, has revealed more information about its exploration and production contract with Perupetro, the state oil agency, for Block 27 in the Mara�on basin.


By an OGJ Online Correspondent


LIMA, Feb. 20
�Repsol Exploracion Peru, a unit of Spain�s Repsol-YPF SA, has revealed more information about its exploration and production contract with Perupetro, the state oil agency, for Block 27 in the Mara�on basin.

The contract was announced earlier this month (OGJ Online, Feb. 5, 2001).

The block is southwest of Blocks 8 and 1-AB, where Argentina�s Pluspetrol is producing 60,500 b/d between the two blocks.

Texas Petroleum Co. drilled a wildcat on Block 27 in 1955 and Occidental Petroleum Corp. drilled another in 1994-1995 without success. However, a reevaluation of the latter well reportedly showed structures with a possibility of commercial hydrocarbons. Block 27 is close to the North Peruvian pipeline.

East of Block 27, Repsol also is operator on Block 32, where it is preparing to drill a wildcat in partnership with Burlington Resources Peru Ltd. and Enterprise Oil PLC.

In the Ucayali basin Repsol is the operator in partnership with Argentina�s Perez Companc in Blocks 34 and 35. It plans to drill a wildcat on Block 35 this year.

Repsol plans to spend $30 million to explore its Peruvian blocks in 2001.

Perupetro plans to sign a second exploration and production license Mar. 6 with US firm Maple Gas Co. for Block 31-E in the Ucayali basin (OGJ Online, Feb. 5, 2001).

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