President Okays Block 126 Contract Signing

Peru's President Alan García has authorized state hydrocarbons promotion agency Perupetro and Canadian oil and gas companies True Energy and North American Vanadium to sign the E&P contract for block 126, Peru's official gazette reported.

Perupetro's board in April this year approved the contract for the block that spans 1.56Mha in the Ucayali basin.

The work commitment during the first 12 months of the contract entails reprocessing and interpreting 1,000km of 2D seismic lines and an integral geological study, according to Perupetro's website.

Three 24-month subsequent periods involve drilling appraisal and/or wildcat wells.

Neither Perupetro nor the Canadian companies immediately responded to a BNamericas request for additional information such as when contract signing was expected or how much would be invested in the exploration phase.

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