Perupetro to Sign Three Exploration Contracts

Peru's hydrocarbons promotions agency Perupetro reported it will sign three exploration contracts July 14 with Irish firm Pan Andean Resources (LSX: PRE), US company Barrett Resources and local group Petro-Tech Peruana.

Pan Andean's contract covers block 114 (770,728ha) in the Ucayali basin that spans Ucayali and Huanaco departments. Investment is estimated at US$23.5mn, Perupetro said in a statement.

Barret will explore block 121 (351,933ha) in Loreto department's Maranon basin, with investment pegged at US$45.5mn.

Petro-Tech Peruana's contract is for block Z-36 (999,995ha) that covers Ancash and Lima departments, which will require US$20mn.

The contracts' exploration phase will run seven years, with a possible three-year extension. The contracts' maximum length is 30 years for oil and 40 for natural gas.

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