Ministry: E&P Investment Hits US$515mn in 2006

Investment in E&P activities in Peru reached US$515mn in 2006, the country's energy and mines ministry (MEM) said in a statement.

The bulk of investment - US$420mn - went on production and the remainder on exploration, the statement said.

The amounts, however, were below the expectations of Peru's hydrocarbons promotion agency Perupetro.

The agency said in December 2005 it expected investment to reach US$655mn in 2006, of which US$120mn would come from exploration and US$535mn from production.

A total of seven exploratory wells and 67 development wells were drilled in 2006, the statement said.


Average gas and liquids production last year rose 17% and 3.6% respectively to 171Mf3/d and 115,000b/d compared to 2005, the statement said.

Estimated proved reserves of natural gas increased 3.8% to 11.9Tf3 while estimated probable reserves jumped 32% to 6.82Tf3, according to the ministry.

Proved oil reserves were up 0.9% to 383Mb and probable reserves up 6.4% to 438Mb.

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