Oxy Makes Light Crude Discovery in Block 64
US oil company Occidental Petroleum has discovered light crude oil at its Situche Central 2X exploratory well on block 64 of Peru's Loreto department in the northern jungle region, Peru's mines and energy ministry said in a statement.
The crude of 34 degrees API grade was discovered at a depth of 17,738 feet, making the Situche Central 2X well the deepest in the country.
The estimated production rate for the well is 2,400 barrels a day, the statement said.
"We are going to continue with the testing of the formations and then make a decision about where we go from there in terms of if there's additional delineation drilling to further evaluate the size of the potential reserves, so there's a lot of work to be done yet before we know anything for sure," an Oxy spokesperson told BNamericas.
Oxy is the operator of the block holding 50%, while fellow US oil company Amerada-Hess and Canadian oil company Talisman Energy are also participating as partners, each owning a 25% share.
The three companies have invested US$50mn in the well, where drilling started in January this year, the statement said.
Oxy drilled a wildcat well on block 64 last year that came up dry.
About Business News Americas: Business News Americas is a multilingual news and business information service that covers the most important original stories in 11 different business sectors throughout Latin America everyday. Visit BNamericas to access our real-time news reports, 7-year archive, Fact File company database, and latest research reports.
Click here for a Free two week trial to our Latin America Oil & Gas information service.
Operates 8 Offshore Rigs
- Strong Upstream Performance from European Majors (Jul 28)
- PETRONAS, PetroVietnam Extend PM3CAA PSC in Malaysia-Vietnam Waters to 2027 (May 10)
- Repsol Significantly Scales Back Upstream Investment (Oct 15)
Company: Hess Corporation more info
Operates 4 Offshore Rigs
- Hess Cutting Hundreds of Workers As It Battles Activist Investor (Jan 16)
- ExxonMobil Reports More Offshore Guyana Success (Jan 05)
- About 75,000 Bpd Of Gulf Oil Output Still Shut After Shell Fire (Nov 15)
Company: Occidental Petroleum more info
Operates 1 Offshore Rigs
- Buying Texas Oil at New Mexico Prices: Majors Go West for Shale (Nov 14)
- Occidental 3Q Profit Beats Forecasts On Rising Oil Prices (Nov 01)
- HOW COOL IS THAT! Young West Texas Plant Manager (Oct 24)