Perupetro Plans Auction for Offshore Concessions

Perupetro Plans Auction for Offshore Concessions

LIMA, Peru - Peru's state agency for hydrocarbon exploration, Perupetro, said Monday it plans to auction off nine concessions in the fourth quarter of this year.

Perupetro President Luis Ortigas said all of the nine concessions are offshore. He said the concessions should attract investments of $450 million.

Mr. Ortigas said Perupetro will start a roadshow in the coming weeks to promote the auction.

He said investments in offshore concessions totaled about $2 billion in recent years, and he expects these investments to double in the next five years.

Perupetro had previously said it planned to auction off more than 30 concessions this year, with most of those concessions located in Peru's Amazon region. However, that plan has been delayed several times as the agency awaits information needed to carry out prior consultation for indigenous groups living in the Amazon.

Copyright (c) 2012 Dow Jones & Company, Inc.

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