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Peruvian company Petrolera Monterrico secured environmental approval to drill 115 development wells in the country's northwest region of Piura.
Fifty wells will be spud in block II over seven years and 65 in block XV over 10 years. The estimated cost per well in block II is US$1.6mn and US$1.53mn for each block XV well.
The project includes the construction and expansion of production facilities and compression stations.
Approval does not constitute the granting of other authorizations or permits that the company must secure.
Earlier this year, DGAEE greenlighted Petrolera's EIS to drill additional development wells at block XX in Tumbes department in the north of the country.
In May, crude output at blocks II, XV and XX averaged 269b/d, 41b/d and 11b/d, respectively, according to hydrocarbons licensing authority Perupetro. Block II also produced 60,391m3/d of natural gas during the month.