Peru Oil, Gas Blocks Auction Draws Interest from 14 Companies

LIMA Jul 09, 2007 (Dow Jones Newswires)

A total of 14 bidders presented technical and economic bids Monday for 19 oil and gas blocks that the Peruvian government is promoting in different parts of the country.

The government will announce the winning bids Thursday.

According to state licensing company Perupetro, 47 companies had expressed an interest in participating in the different blocks.

On Monday, bidding companies included a consortium made up of Colombian state oil company Ecopetrol and Canada's Talisman Energy Inc. (TLM).

South Korea's SK Corp. (003600.SE) is another bidder, as well as companies from China, Russia and the U.S., among others.

The government has made a concerted effort to drum up interest in Peru's flagging oil sector in recent years and has managed to attract significant investment after making contracts more flexible and attractive.

In 2006, for example, the government signed a record 16 new exploration and production contracts.

Copyright (c) 2007 Dow Jones & Company, Inc.

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