Tullow adds acreage off Peru

Wednesday, January 10, 2018

Tullow Oil has picked up six licenses offshore Peru, spanning 28,000sq km, the UK-based firm confirmed today (10 January).

Map of Peru blocks. Image from Tullow.

Following negotiations with Perupetro, Tullow has agreed to acquire 100% stake in blocks Z-64, Z-65, Z-66, Z-67 & Z-68. The agreements are pending approval by Peru's governmental authorities (the Ministry of Energy and Mines, and the Ministry of Economy and Finance). A formal signing is expected by Q1 2018, Tullow said in today's trading and operational statement.

Tullow will also pick up 35% interest in the Z-38 licence through a farm-down from Karoon Gas Australia, also subject to government approval, the firm said.

"The new acreage will complement [our] South America position and contains a number of attractive leads and prospects," Tullow said in the announcement. "The Z-38 licence is already covered by high quality 3D seismic and includes the Marina prospect, which is a potential candidate for drilling in 2019."

Tullow will join other independent operators who have picked up acreage offshore Peru.

BPZ Energy brought the Corvina field, in block Z-1, online in 2010.  OE profiled the field's buoyant tower solution in December 2013.

In October 2017, Anadarko Petroleum said it signed an exploration agreement with the government of Peru to explore 4.7 million acres across three deepwater blocks in the Trujillo Basin offshore Peru. Anadarko said it expects to invest approximately US$5 million to conduct evaluation activities primarily consisting of reprocessing existing seismic data and collecting piston cores from the sea floor to evaluate the potential.

However, it hasn't all been good news in Peru. In November, Baron Oil & Gas relinquished block Z-34 after frustrations due to a "lack of regulations relating to deepwater drilling" and other delays.

Elsewhere in South America, Tullow says processing of 3D seismic data shot offshore Guyana on the Kanuku and Orinduik licences last year is on going and should help pave the way to a drilling program beginning in 2019. However, Tullow is also considering moving drilling plans sooner into late 2018.

Tullow also announced that while drilling on the Araku-1 in neighboring Suriname, in block 54, was unsuccessful the well proved the presence of a new petroleum system in the Demerara plateau. A two-year extension was granted for the adjacent block 47 where the Goliathberg prospect is a potential drilling candidate for 2019, Tullow said.

Read more

Fanning the E&P flames

Categories: South America Exploration

Related Stories

Another Near Miss on the Terra Nova FPSO

S. Africa Legislation Could Spur Offshore Investment

The Drilling Evolution

OSV Owners Waiting for Better Days in Brazil

Iranian Tanker Hit by Missiles, Oil Rises

Digitalization: Oil Industry Could Save up to $100Bln

Woodside Makes FID for Pyxis Hub Project

Fewer Splices Mean Faster Umbilical Production at Upgraded Facility

Northern Drilling Cancels Drillship Resale Contract

Record US GoM Production Expected to Continue

Current News

Schlumberger Profit Beats Estimates

Petrobras Posts Another Major Production Boost

Eni CEO: No Future for Firms Working in Just O&G

TechnipFMC Wins EPCI Contract from Woodside

Partners Plan Floating Wind Farm in South Korea

Maersk Drilling Scores POSCO Contract

Woodside Makes FID for Pyxis Hub Project

Online Tool Helps Assess Drilling Safety

Transocean Bags $75Mln New Contracts

Naval Energies, SIDS DOCK to Support OTEC

Magazine

Offshore Engineer (Sep/Oct 2019)

This issue of Offshore Engineer is dedicated to Big Data and Digitalization

Archive
Subscribe

Subscribe for OE Digital E‑News

OE Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week