Repsol YPF, Burlington to Sign Block 57 Contract Tuesday

Peru's state investment promotion agency Perupetro plans to sign an exploration and production contract with Spanish company Repsol YPF and US company Burlington Resources on January 27 for block 57 in the Ucayali basin, Perupetro said in a statement.

The minimum work program for the block requires some US$45mn investment in five stages over seven years. Repsol YPF will be the operator of the block with a 76.15% stake and Burlington will hold the remaining 23.85% interest, as in the contract for block 90 signed in December. The block is located between the departments of Junin, Ucayali and Cuzco, and covers an area of about 611,000ha.

Meanwhile, Perupetro is still waiting for the energy ministry to approve contracts for blocks 100 and 101 in the Maranon basin with local company Compania Consultora de Petroleo (CCP) and US-based oil company Occidental respectively, a Perupetro spokesperson told BNamericas.

Perupetro expects to sign the contract for block 100 with CCP in February-March and the contract with Occidental sometime after that, the spokesperson said.

Perupetro expects to sign at least six exploration and production contracts in 2004 compared to only two in 2003, Perupetro CEO Rodolfo Stumpfle told BNamericas in December.

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