Perenco to invest over US$2 billion in Peru oil fields

Peruvian President Alan Garcia Perez met Friday morning with Perenco Group’s chairman Francois Perrodo and general manager Daniel Kadjar at the Government Palace in Lima. Photo: Sepres.

10:47 | Lima, Apr. 24 (ANDINA).

French company Perenco will invest over U.S.$ 2 billion in oil exploration and exploitation activities in Blocks 67 and 121, located in the jungle Peruvian region of Loreto, Perenco's chairman Francois Perrodo announced Friday.

Perenco's chairman Francois Perrodo said he told Peruvian President Alan Garcia about the company's investment plan during their Friday morning meeting held at the Government Palace in Lima.

"It is an honor to be welcomed by the President, we are visiting Lima to give details of our US$ 2 billion investment in developing an oil field in northern Peru," said Perrodo, adding that the company aims to start producing crude by 2013.

Perenco holds a 100% interest in the licence contract for Block 67 in the Maranon Basin. Block 67 comprises Paiche, Dorado and Pirana fields, which together hold possible resources of over 300 millions barrels.

The French company has acquired a 50% interest and is currently operator for the two areas known as Block 121 in the Maranon Basin. These areas are immediately to the north and east of Perenco's wholly owned Block 67.

Once development is completed, it is estimated that these fields will have the potential to produce up to 100,000 barrels of oil per day.

The development plan includes the drilling of over 100 wells from 10 platforms and construction of central processing facilities and local pipelines for delivery of crude oil into the export pipeline system. This system will transport production to Bayovar export terminal, located 1000km from Block 67 on the Pacific coast.


Published: 4/24/2009
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