Lima-based Pluspetrol Norte S.A. (PPN) is a subsidiary of Argentine oil company Pluspetrol S.A. (55%) and Beijing-based China National Petroleum Corporation (45%). PPN began operations in Peru in 1994, and it focuses on the rehabilitation of mature oil fields and upstream treatments. PPN accounts for the highest production rate of heavy oil in Peru, with 30,400b/d. It currently develops Block 1AB and Block 8, both located in the Talara oilfield, in the region of Loreto. Block 1AB is wholly owned and operated by PPN. Block 8 is owned by Pluspetrol (operator, 60%), jointly with Korea National Oil Corporation (20%), Daewoo International (11.66%), and SK Innovation (8.33%).