Petrobras, Petroperu Consortium Signs 6 Maranon TEAs

The consortium of Brazil's federal energy company Petrobras (NYSE: PBR) and Peru's state oil company Petroperu signed six technical evaluation agreements (TEAs) with state hydrocarbons promotions agency Perupetro, Petrobras and Petroperu said in separate statements.

The TEAs correspond to the Maranon basin's XXVI, XXVII, XXVIII, XXIX, XXX and XXXI blocks and have a two-year period.

The consortium will identify zones with the most hydrocarbons-bearing potential in order to determine if it will enter into E&P license contracts.

The TEAs will require a US$980,000mn in investment, to be financed equally by Petrobras and Petroperu.

Petrobras produces 15,000b/d oil and gas in Block X in northwest Peru and also has six exploration concessions covering 57,500 sq km.

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