New players testing Peru's upstream waters

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Wednesday, November 30, 2016

Efforts by Peru's government to spur its flagging hydrocarbons sector through a more competitive royalty scheme, contract model modifications and a streamlined permitting process may be starting to pay off.

Information from hydrocarbons licensing authority Perupetro reveals that Houston-based Anadarko Petroleum and Russian oil company Bashneft have expressed interest in Peru's E&P sector.

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Anadarko representatives recently visited Perupetro's data room while a technical presentation was prepared for Bashneft.

The companies currently do not have operations in the South American nation, although Anadarko is present in Brazil and Colombia.

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Perupetro's efforts to spark interest include carrying out work to better establish the potential of hydrocarbon areas, such as an oil systems modeling project for the Marañón and Ucayali basins that is nearly complete.

Another project targets offshore basin Trujillo-Salaverry with the reprocessing of 2D seismic data and field geology work. This initiative has passed the halfway mark.

In a related note, Baron Oil released results of the latest estimates of unrisked prospective resources for Peru blocks Z-34 and XXI.

And the country's environmental certification service for sustainable investments (Senace), as part of its policy to standardize procedures, published a guide for the evaluation of detailed EISs for the hydrocarbons sector.

"The principal objective of this manual is to provide predictability to investors," Senace head Patrick Wieland said.