I read something earlier showing BZP picked up another concession but its not in this PR.
Peru Aims To Boost Hydrocarbon Output With New E&P Contracts
Last update: 11/21/2007 11:42:48 AM
LIMA (Dow Jones)--Peru has approved 18 new exploration and development contracts, as record high crude oil prices boost interest in the production of hydrocarbons in the Andean nation.
In a statement, President Alan Garcia said the new contracts will require exploration spending of at least $600 million.
The decrees approving the contracts were published in the official gazette Tuesday.
The government said the latest batch will bring to 24 the number of contracts for exploration and production signed this year, a record high.
The government approved a number of contracts for offshore drilling in central and northern Peru.
Various contracts were also awarded for exploration in the Amazon jungle region, including some with U.S-based Hunt Oil Co. and with a Peruvian unit of Occidental Petroleum Corp. (OXY).
Another contract has been awarded to a partnership between Canada's Talisman Energy Inc. (TLM) and Colombia's state-owned Ecopetrol SA.
Interest in hydrocarbons production in Peru has been boosted by higher crude oil prices and by the coming onstream of the Camisea natural gas project.
Peru produced an average of 115,039 barrels of oil and other hydrocarbon products a day in October, 0.6% higher than in the previous month.
Separately, Energy and Mines Minister Juan Valdivia said that Peru hopes to sign a contract with state-owned oil company Petroleos de Venezuela SA, or PdVSA, to buy about a third of its annual crude oil needs from Venezuela.
He said that government agency Petroperu last year started talks with PdVSA, aiming to ensure supplies instead of going to the spot market.
"This year we have started those talks again and we hope to arrive at an agreement with PdVSA to buy crude and with this we will be able to lower costs for our fuels," he said.
-Robert Kozak, Dow Jones Newswires; 511-221-7050; peru@dowjones.com |
