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Maurel & Prom announced the shutdown or closure of operations in Congo, Peru, Mozambique and Syria, and postponement of exploration work in Myanmar, Colombia and Tanzania.
"Due to the low price of oil, the group reduced its exploration program to minimum contract commitments. US$23m to-date has been budgeted for this activity, down 63% from 2015. A similar drop is expected in 2017," the French company said in an update.
Olympic Perú will hold a first informative workshop on February 17 in Cristo Nos Valga district, Piura region, as part of permitting for an E&P project at onshore block XIII-B, according to information from the energy and mines ministry's energy environmental affairs office.
The project envisions three exploration wells, 565 development wells and production facilities in the Zapayal zone.