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Plans by BPZ Exploration & Production to release its Peruvian onshore acreage are under review by local sector authorities.
In Peru, Upland already holds northwest exploration block XXIV, while BPZ operates producing northwest offshore block Z-1.
Perupetro also reported that Cepsa Peruana filed a technical evaluation agreement (CET) and that Northern Hydrocarbon expressed interest in a CET, which entails geological and geophysical work in areas with little information. The areas the CETs would cover were not disclosed.
In a related development, the government published a decree that approves Vale Oil & Gas' farm-out of its 70% stake in northwest exploration block XXI to Gold Oil Peru, which will hold 100% of the area.
Perupetro and the companies are now authorized to sign the contract modification.
Vale has no other acreage in Peru, while Gold Oil already holds exploration northwest offshore block Z-34.