CHINA FIRM INKS CONTRACT IN PERU

China's state oil company continues to expand its participation in foreign upstream projects with the country's first oil investment in Latin America. Sapet Development Corp., a subsidiary of China National Petroleum Corp. (CNPC), signed an oil and gas production contract with Peru's state oil company Petroleos del Peru covering Block VII alone Peru's northern coast. Sapet is committed to invest at least $25 million during the next 5 years. Work includes drilling 60 wells in

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