Camisea Partners Start Drilling Pagoreni Field

Argentine oil company Pluspetrol has started drilling works on the first of six wells on the Pagoreni field on Peru's block 56, Peruvian media reported.

Pagoreni is known as Camisea 2 and its developers are the same for Camisea: Pluspetrol owns 26%, US company Hunt Oil holds 36%, Argentina's Tecpetrol and Algeria's Sonatrach each have 10% and South Korea's SK Corporation has 18%.

The consortium has completed 363 sq km of 3D seismic in the first stage of development, which concludes in September, newspaper Gestion reported.

The consortium plans to invest some US$700mn in the subsequent stages, Pluspetrol CEO Norberto Benito reportedly said.

Eventual production - expected at levels of 600 million cubic feet of gas a day - would be directed to the Malvinas gas processing plant and from there to an liquefied natural gas (LNG) liquefaction plant for export to North America.

The Pangoreni field reportedly has 3 trillion cubic feet of gas reserves.

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