Exec: Camisea Reserves Increase Expected Year-End

Confirmation of a reserves increase for blocks 88 and 56 of Peru's Camisea gas project is expected at year-end, according to Norberto Benito, general manager of Argentine company Pluspetrol's local subsidiary.

Pluspetrol is part of Consorcio Camisea and owns the project's gas extraction component. Peruvian firms TGP and Calidda hold the respective transport and distribution components.

Pluspetrol has completed drilling three wells at block 56 that cost US$90mn and has begun drilling a fourth, with a total of six to be drilled by year-end, Peru's state news agency Andina quoted Benito as saying.

Partial block 56 production would begin in March next year, said Benito, adding increased output would help reduce LPG imports.

Pluspetrol has spoken to 10 companies, including Peru's state oil company Petroperu and Brazil's federal energy company Petrobras (NYSE: PBR), which are interested in buying gas to develop petrochemical projects in Peru, the executive said.

Peru's liquid hydrocarbons production rose 0.48% in the first half of this year to 20.6Mb compared to 1H06. The bulk of June's liquid and gas output came from block 88 with 36,553b/d and 193Mf3/d (5.47Mm3/d) respectively.

"In both blocks, there would be more than 11Tf3," according to Benito.

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