Puno President Announces Large Crude Reserves

Peru's Puno region president David Jimenez Sardon has reported the existence of large oil reserves north of Lake Titicaca in the Puno, San Roman and Huancane provinces, local paper Diario Correo reported.

Peru's government awarded Russian oil company Siberian Oil a production contract in December for block 105 in Puno.

Siberian Oil will invest US$6.2mn in the block through its subsidiary Siboil over the course of the next seven years, including one year of seismic interpretation, two years of examination and interpretation of a 200km area and four years of drilling, the paper reported.

Peru's hydrocarbons promotion agency Perupetro declined to supply further details, but promised it would send representatives including Siberian Oil ones to decide on the details of future production, the paper reported.

Another Russian oil company began exploring the same area 15 years ago but wells came up dry, the paper reported.

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Company: Siberian Oil more info
 - Puno President Announces Large Crude Reserves (Jan 16)