Petroperu, Petrobras to Begin Drilling 6 Blocks in 2H08

Peru's state oil company Petroperu and Brazil's federal energy company Petrobras (NYSE: PBR) will begin exploratory drilling on six blocks in Peru's Maranon basin in the second half of 2008, official paper El Peruano reported.

The companies are in a pre-exploration stage that involves gathering seismic data and will require 18 months work before drilling can begin.

Studies will require a total US$1mn investment.

The companies signed six technical evaluation agreements (TEAs) for blocks 26-31 in November last year.

Colombia's state oil company Ecopetrol also will join the work group for the six blocks.

Petroperu and Petrobras will define the possible participation of Ecopetrol in the next 45 days, news agency Andina reported.

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