Perupetro Collects US$690mn in 2006, Signs 16 Contracts

Peru's government collected 2.21bn soles (US$690mn) from hydrocarbons production in 2006 through hydrocarbons promotion agency Perupetro, the country's energy and mines ministry said in a statement.

Perupetro signed 16 contracts last year compared to 15 in 2005, the statement said.

The most significant contract was signed with US firm Barrett Resources' Peruvian subsidiary for block 67, according to the ministry.

Barrett's local unit plans to invest roughly US$1bn to develop the block and begin production in 2010.

Block 67 is expected to produce 100,000b/d at its peak and will allow Peru to become a net oil exporter.

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