Pluspetrol Norte 2006 Profits Up 40% to US$175mn

Pluspetrol Norte, the Peruvian subsidiary of Argentine oil company Pluspetrol, posted net profits of US$175mn in 2006, up 40% from the previous year on higher revenues, the company said in its year-end earnings statement.

Sales were up 21% to US$756mn as higher oil prices offset lower sales volume. Sales volume fell 1.6% to 16Mb in 2006.

Operating income, which equates to sales minus royalties and transport costs, grew 22.6% to US$494mn.

Total production in the year grew 0.3% to 17.8Mb, making Pluspetrol Norte the largest oil producing company in Peru, with 39% of total output.

Company equity as of December 31, 2006, was US$378mn, up 36% from the same date in 2005.


Production on the company's 100%-controlled block 1-AB increased 1.5% to 29,715b/d, largely due to successful results at five new wells, seven workovers and production maintenance work on seven wells.

Pluspetrol Norte completed 3D seismic exploration on the Pastaza and Carmen prospects during 2006 and decided to drill the Carmen 1501-XD well in the first months of 2007.

The well will complete the company's contractual obligation for exploration of the block.

On the company's 60%-controlled block 8, production averaged 17,088b/d, down 1.8% from 2005.

In 2006, the company constructed a new platform on the block to drill the Corrientes 1020 well targeting the Porvenir prospect.

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