Peru gives Pacific Exploration and Production contract for oil block

Peru gives Pacific Exploration and Production contract for oil block

Peru has negotiated a two-year deal with Canada’s Pacific Exploration and Production Corp. to operate and develop the country’s biggest oil block, state regulator Perupetro said Friday according to various news reports.

Peru will give Pacific Exploration and Production Corp a two-year service contract.

The company, which changed its name from Pacific Rubiales Energy Corp last week, will take over Block 192 in Peru’s Loreto Amazonian region after current operator Pluspetrol’s contract expires in eight days.

A deal was reached through private talks after a 30-year contract for the concession failed to draw any bids in an auction last month.

State-owned energy company Petroperu will not take a minority stake in the oil block as permitted by law, Perupetro president Rafael Zoeger said at a press conference.

Source: Media

Oil and Gas Press

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