Perupetro, consortium cleared to ink acreage deal

Friday, November 9, 2012

Peru's government has authorized state hydrocarbons promotion agency Perupetro and consortium Repsol-Ecopetrol-YPF to sign an E&P contract for block 176, according to a supreme decree.

Perupetro awarded the group the block during the country's last licensing round held in 2010 where 25 areas were offered.

The work program for the area, which covers 417,027ha in the Ucayali basin, envisions five periods, the first of which runs 12 months and 18 months for each of the subsequent periods.

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Minimum works include reprocessing and acquiring 200km 2D seismic and drilling three exploration wells.