GeoPark reveals Peru production guidance
Peru onshore block Morona, also known as block 64 (see map below), in the Marañón basin is forecast to contribute approximately 5,000b/d to GeoPark, which holds a 75% working interest in the acreage, with state oil company Petroperú having the balance.
GeoPark CFO Andrés Ocampo provided the estimate – which may reach 7,000b/d – during the public independent's fourth quarter 2018 earnings conference call on Thursday.
The company's net production averaged 32,859b/d in 4Q18, led by Colombia with 30,497b/d, while output from Argentina, Chile and Brazil was 1,596b/d, 725b/d and 41b/d, respectively. GeoPark envisions net output of 100,000boe/d in 2022 from existing assets and future new acreage.
Environmental approval for the Peru project is expected in April, according to Ocampo, who said that equipment has begun to be secured, with piping en route to Lima port. Of the US$100mn investment, 50-60% will be for flowlines and 40-50% for onsite facilities and putting wells on production, he added.
The executive said, however, that if approval is not granted next month, the project could be delayed due to the start of the dry season which would push back first oil to 3-4Q20 from 1Q20.
Ocampo also highlighted GeoPark's other efforts to build out its regional footprint, such as qualifying in Ecuador's Intracampos round and participation in Colombia's permanent offer process, and despite a "slowdown" in Mexico, he said GeoPark is still interested in this market.
GeoPark's latest financials are available here.
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