Perupetro Expects to Sign 17 E&P Deals This Year

Madre De Dios, Peru
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LIMA Oct 04, 2005 (Dow Jones Commodities News Select via Comtex)

The chief of Perupetro, the state agency charged with promoting energy investment, Monday said the government expects to sign a record 17 oil and gas exploration and production contracts this year, according to government news agency Andina.

Each contract will involve an investment of about $20 million over the first five years, Antonio Cueto was quoted as saying.

He said the government will be signing a contract shortly with U.S.-based Hunt Oil Co. for block 76 and with a China National Petroleum Corp. subsidiary Sapet for block 111, both located in the southeastern Madre de Dios Region.

According to Cueto, the government also will sign a contract with Pluspetrol Peru Corp. for block 108, which lies near the Camisea gas fields in southeastern Peru.

Peru's hydrocarbon production has increased as a result of the start of production at the Camisea natural gas fields in August 2004 and increased crude oil output in other areas.

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