Peru upstream roundup: Acreage shuffle, contract tweak, development fund

Upstream operators plan to farm-out a percentage of their holdings in Peruvian hydrocarbons acreage.

Information from hydrocarbons licensing authority Perupetro shows that Anadarko Perú looks to cede 30% of offshore blocks Z-61, Z-62 and Z-63 to Westlawn Peru.

For its part, Upland Oil & Gas seeks to farm-out 30% of onshore block XXIII to Tetra Energy Alpha.

Contract tweak

The government approved a modification to the hydrocarbons exploration and production license contract for offshore block Z-1.

The change entails substituting Frontera Energy with Offshore International Group as the corporate guarantor and changing the operator’s name to Vigo Energy from Frontera Energy Offshore Perú.

Development fund

Perupetro established the boards that will administer the social development fund for onshore blocks I, VI and VII, the first of which is held by Olympic Perú and the latter two by national oil company Petroperú.

The blocks’ operators contribute 1.5% of the value of production.

The government agency said that since the start of the new contracts for the areas, in October-November 2023, and through August, blocks I, VI and VII have contributed US$238,212, US$782,329 and US$348,919, respectively, to the fund.