BP eyeing Peru upstream opportunities

British energy giant BP’s development portfolio is set to widen with the possible entry into Peru’s upstream hydrocarbons sector.

Information from hydrocarbons licensing authority Perupetro shows that BP Exploration Operating looks to study frontier and semi-explored acreage, a priority action for the government as part of its strategy to further define the country’s hydrocarbons potential.

The BP unit has submitted requests to the government agency to secure technical evaluation agreement (CET) contracts for areas LXXX, LXXXI, LXXXII, LXXXIII, LXXXIV and LXXXV, additional information for which is not available.

The areas’ work programs have been approved and the next step is for Perupetro’s board to greenlight and sign the contracts.

CET contracts are used for acreage with information on their oil and natural gas potential, but that is not well defined and/or is not easy to access due to logistical issues.

These agreements may run up to two years and allow companies to carry out non-intrusive work such as the use of aerogravimetry and aeromagnetometry, and reprocess existing data. The company also has a first option to negotiate an exploration and production license contract if terms are fulfilled.

Current CET contract holders are KEI, Hunt Oil, Repsol Exploración and YPF.

MULTI-CLIENT DRAW

Peru’s hydrocarbons prospectivity push has also attracted several international geophysical contractors.

Perupetro is in multi-client agreement talks with GX Technology, Petroleum Geo-Services, Robertson Geospec International and SDA Searcher Data Analytics, as well as with Welligence for a strategic cooperation agreement.

SOURCE: Perupetro