Peru launches offshore round

June 3, 2013

Nine offshore oil concessions are up for grabs in Peru's international bid round, which the country launched on Friday, 31 May 2013.

The government estimates that the round could rake in US$450 million with companies investing a minimum of $50 million. In a statement, Petroperú SA said that 20 companies from the US, Canada, France and Russia expressed interest in the basins, specifically naming ExxonMobil and Chevron as participants.

The areas available in the bid round are Z-56 and Z-57 (Cuenca Salaverry-Trujillo), Z-53, Z-54 and Z-55 (Lima-Pisco Basins) and Z-58, Z-59 and Z-60 (Cuenca Mollendo). The areas are located within seven miles of Peru's coastline, away from the country's protected fishing areas, Petroperú said.

Outlining terms for the concession contracts, Petroperú Chairman Luis Ortigas said that if a discovery is made, Petroperú will maintain the right to participate with up to a 25% stake in each concession; however he said Petroperú will not participate in the initial exploration phase.

"Petroperú shall repay the investment in exploration and development, with revenues from the exploitation of the lot," Ortigas said.

Petroperú plans to award concession contracts on October 17.

Petroperú noted that currently there are 14 contracts off the country's coast, with two (Block Z-2B, operated by Savia Peru; and Block Z-1, operated by BPZ) already in production. Investments in the country's offshore sector have totaled $2 billion. Petroperú estimates that figure will double in the next five years.

Image credit: Petroperú SA.



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