Pluspetrol to Invest Nearly $600M in 2007

Argentine oil company Pluspetrol plans to invest nearly US$600mn through 2007 for exploration, drilling and environmental remediation in Peru, local press reported.

The investment relates to exploration blocks 108 in the Ucayali basin and 115 in the Marañón basin, 8 and 1AB in Loreto department through its Pluspetrol Norte subsidiary and block 56 in Ucayali through its participation in the Camisea consortium.

Pluspetrol aims to drill four new wells on block 56 next year.

Further, Pluspetrol Norte will carry out environmental remediation on blocks 8 and 1AB primarily to re-inject water produced on the blocks.

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