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E & P News

2017

Oct 2017: Anadarko will invest US$200mm in exploration and drilling agreements covering Blocks Z-61, Z-62 and Z-63 in water depths over 1,000m adjacent to the northern Lambayeque and La Libertad regions in the Trujillo Basin.

May 2017: CNPC plans to invest US$2bn in Block 58 to exploit 110 bcm of gas reserves between 2017 and 2023, including 60 wells. Block 58 is located in the Cusco region near Camisea. GeoPark will also present a plan to develop Block 64 in northern Peru.

May 2017: Petroperu and Pacific E & P are considering a partnership to develop Block 192 which has not produced any oil since 2016 due to pipeline ruptures. Pacific won a 2-year concession to operate in 2015 but ouput of 10,000-12,000 bbls per day ceased after Petroperu closed its 1,106 km pipeline.

2015

Aug 2015: Three oil companies that signalled interest in Block 192 did not bid in an auction. Perupetro is now considering negotiating in order to avoid output disruptions which produces 12,000 bbls per day. Pluspetrol's contract will end in late Aug.

May 2015: Peru opened bidding for rights to develop Block 1-AB in the Amazon forest.Up to 6 companies have expressed interest. The winning bid will be announced in July.

Apr 2015: BPZ Energy, operating under Chapter 11, drilled the Corvina CX15-9D well which failed to produce oil, and the Albacora A-22D well in offshore Block Z-1 (51%). It now intends to focus on low cost workovers at the 2 fields. Production for 1Q 2015 was 4,722 bbls of oil per day.

Mar 2015: Bidding on the rights to develop Block 1-AB will begin in April to replace Pluspetrol. The Block, also known as 192, produces around 16,000 bbls of oil per day in the Loreto region.

Mar 2015: Gran Tierra Energy (operator, 100%) has decided to cease all further development expenditure on the Bretaña field on Block 95 due to the low oil price.

Jan 2015: BPZ Energy announced that Block Z-1 production from the Corvina and Albacora fields for 2014 averaged 5,055 bbls per day which represents an 83% increase compared to 2013 production of 2,761 bbls per day. The 2014 exit rate was 5,200 bbls per day.

2014

Dec 2014: BPZ Energy has started production from another Corvina well to the west of the 6 previously drilled CX-15 wells. It is producing 600 bbls of oil per day. The Albacora A-27D development well is also expected to be placed on production in December. Block Z-1 production from the Corvina and Albacora fields is now averaging 5,513 bbls per day.

Oct 2014: BPZ Energy has drilled 3 wells at onshore Block XXIII during 2014. Caracol, El Cardo, and Piedra Candela all encountered gas with Caracol also testing oil. BPZ owns 100% of the block and will pursue a testing program, selling any produced gas for conversion to CNG.

Aug 2014: The Camisea Consortium, operated by Pluspetrol with Repsol, Hunt Oil, SK Innovation, Sonatrach and Tecpetrol, plans to invest US$500 mm over the next 2 years to explore for and develop natural gas in block 88. Blocks 88 and 56, managed by the Camisea Consortium, are reported to hold 368 bcm of proven gas reserves.

Mar 2014: Repsol has started gas production from the onshore Kinteroni field. Kinteroni will initially produce 1.5 bcm each year, before doubling by 2016. Repsol is  operator with 58.34% along with Petrobras (46.16%).

Mar 2014: Peru will open bidding on 6 offshore oil blocks, excluding state-run Petroperu from the auction. Bidding for the rights to 26 blocks in the Amazon will likely wrap up at the end of the year after consultation with indigenous communities. Peru last auctioned off new blocks in 2010, when around 20 concessions were granted.

2013

Dec 2013: Peru suspended a planned auction of 9 offshore concessions. Government licensing agency Perupetro said it decided to suspend the auction after receiving requests for  modifications to terms from companies which wanted to submit bids.

Sep 2013: BPZ Energy announced spudding of the A-18D development well at the Albacora field platform in offshore Block Z-1. This is the second development drilling program now underway at Block Z-1 with the first development well at the CX-15 platform at the Corvina field almost complete.

Jul 2013: BPZ Energy has announced spudding of the first development well at the Corvina field CX-15 platform in offshore Block Z-1. This is part of a multi-well development drilling campaign at the platform. Drilling and completion of the well, including coring, is expected to take up to 12 weeks with subsequent wells to be drilled and completed in less time.

Jun 2013: Karoon Gas has been approved to drill in Block Z-38 in the offshore Tumbes Basin, 10 kms from the north west coast. Drilling of 2 exploration wells is expected to commence in mid 2014 after a farmout. Northern Peru is the second oldest oil producing region in the world. The drilling in the Block will be the first in waters over 150 metres in 20 years.

Jun 2013: Peru aims to attract more than US$1bn in investments in an auction of 26 oil concessions in the  Amazon region after Perupetro launched an auction for 9 offshore concessions, its first international auction in 3 years. Perupetro aims to start the consultation for the 26 concessions in July and launch the auction before the end of 2013.

Jun 2013: Peru has launched an auction of 9 offshore oil concessions expected to attract investments worth at least US$450 mm. Perupetro said at least 20 companies, including ExxonMobil and Chevron, are interested in participating and expects to award the contracts in October. Perupetro also plans an auction before the end of 2013 for 26 oil concessions in the Amazon. The last time Peru held an international auction was for 24 blocks in 2010.

2012

Mar 2012: Perupetro announced an offshore bid round for 9 blocks located in the Salaverry, Trujillo Lima, Pisco and Mollendo basins. Peru has 8 offshore sedimentary basins, 2 of which are partially onshore. Currently there are 14 offshore contracts in force, of which, two are in the production phase (Z-2B and Z-1).

Nov 2012: The Camisea consortium expects to maintain production of natural gas liquids at around 100,000 bbls per day from its blocks in southeastern Peru. In September, Peru produced 96,591 bbls per day of natural gas liquids, up from 88,776 bbls per day in August with almost all coming from Camisea's Blocks 88 and 56. The increase was due to an expansion at the Malvinas plant. The Camisea consortium includes operator Pluspetrol and Hunt Oil, SK Holdings, Tecpetrol,Techint, Sonatrach and Repsol.

Sep 2012: Repsol announced a new gas discovery in block 57 in Peru. The well, called Sagari, was successful in two formations - the Nia Superior and the Nia Inferior. Preliminary estimates indicate that the field may hold between 28 and 57 bcm of gas. This reinforces the potential of block 57, home to the large Kinteroni gas/condensate discovery made in 2008 from which first gas is expected in early 2013.

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