Perupetro to Sign 18 E&P Contracts by End-2006

Peru's hydrocarbons promotions agency Perupetro plans to sign 18 E&P contracts through year-end, six more than the hydrocarbons promotions agency has signed to date this year, the energy and mines ministry (MEM) said in a statement.

Perupetro plans to sign the first of the E&P contracts for block 122 in Peru's Maranon basin with Canadian oil firm Gran Tierra Energy (Nasdaq: GTRE) on November 3, the statement said.

The signing follows a September 27 supreme decree that ratified an initial contract Gran Tierra signed for the area last June.

The block will mark Gran Tierra's entry into the country. Gran Tierra plans to evaluate expansion through the acquisition of production assets and E&P contracts with the government, company president and CEO Dana Coffield told BNamericas.

The company will begin aerogravity and magnetic testing in early 2007, followed by a 2D seismic program and the drilling of a well, although neither an exact time line nor investment figure has been established.


Perupetro is negotiating eight contracts in the jungle, the continental shelf and the northern coast, Perupetro senior promotions coordinator Winston Wusen said in an interview, adding the agency has not determined which contracts it will sign by year-end.

The agency is negotiating the contracts for block XXII in the Lancones basin, block Z-38 in the Progreso and Tumbes basins, block 125 in the Huallaga basin, block 126 in the Ucayali basin, block 116 in the Santiago basin, blocks Z-34 and XVI in the Talara basin and block 127 in the Maranon basin, Wusen said.

Wusen declined to name companies with which Perupetro is negotiating.

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