The Offshore International Group's Peruvian subsidiary, Petro-Tech Peruana S.A. (PTP),
has made a significant oil discovery on the southern edge of its Block Z2B
offshore Peru. The San Pedro #1 well was drilled to a total depth of 6666'
from a platform in 250' of water approximately 14 miles north of the export
terminal at Bayovar. The well was completed open hole in a fractured
Paleozoic reservoir. The well is currently producing at a rate of 1200 BOPD
and 500 MCFD with no water on a 24/64 choke. The flowing tubing pressure is
900 PSI and the oil gravity is 35 degrees API. A 24 hour shut-in on the well
resulted in a 1200 PSI tubing pressure. On a one hour test with no choke, the
well produced at a rate of 3300 BOPD with a flowing tubing pressure of 300
PSI. The drilling rig used to drill the well, PEPESA 48, is remaining on the
platform pending the drilling of additional wells.
The Block Z2B runs along the northern coast of Peru for approximately 100
miles. Cumulative production from the 4 major fields on the block is over 300
MMBO with current production averaging 11,000 BOPD and 64 MMCFD. All of the
production to date has come from the northern half of the block. According to
Paul Doyle, Executive Vice President with PTP in Houston, "Previous drilling
on the southern half of Block Z2B found primarily gas and heavy oil. Finding
light crude on the very southern edge of the block dramatically changes our
outlook on exploration south of Z2B."
PTP has leases or options on over 10 million acres in 4 blocks along the
coast of Peru south of Z2B. PTP plans to drill its first wildcat, the San
Miguel prospect, on Block Z-6, immediately south of Z2B, in early 2006. This
7000' well will test a classic anticlinal structure with 25 square kilometers
of closure located in 140' of water.
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