Talisman Plans to Bid in Peru's Oil-Block Auction

CALGARY (Dow Jones Newswires), June 9, 2010

Perupetro, Peru's state licensing agency for hydrocarbon exploration, said Canada's Talisman Energy is among several companies that plan to bid for 25 new hydrocarbon lots.

Perupetro President Daniel Saba said at a petroleum industry conference in Calgary on Wednesday that Talisman is among eight to 10 companies that have submitted letters of interest in parts of the northern and eastern Peruvian jungle regions of Amazonas, Loreto, Ucayali, Cusco, Cajamarca, Junin, Huanuco, San Martin, Piura and Lambayeque.

As previously reported, ConocoPhillips of the U.S. and France's Total also intend to make bids on the blocks. Total is interested in blocks in the northern Maranon basin, Amazonas and the eastern Ucayali basin. Both are close to recent discoveries.

Saba has also said that Exxon Mobil of the U.S. and Anglo-French company Perenco are also interested in the coming auction. Perenco already has a contract to develop Block 67 in the Loreto region, and will be investing $2 billion in the area.

The auction process started in May with a call for tenders and is due to finish Oct. 14.

Saba said he has met with several dozen companies in Calgary to promote the auction and has recently finished similar meetings in London, Paris and Houston, meeting with Chevron, BHP Billiton, Repsol and other oil companies.

Copyright (c) 2010 Dow Jones & Company, Inc.

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