President Greenlights Perupetro, Loon Block 127 Contract

Peru's President Alan Garcia has authorized state hydrocarbons promotion agency Perupetro and Canadian oil and gas company Loon Energy to sign the E&P contract for block 127, Peru's official gazette reported.

Perupetro's board in March this year approved the contract for the block that spans 966,674ha in the Maranon basin.

The work commitment during the first 24 months includes acquiring, processing and interpreting 390km of 2D seismic lines, reprocessing 2,000km of 2D seismic lines and producing technical studies, according to Perupetro's website.

Subsequent periods ranging from 12-18 months involve additional seismic work and the drilling of wildcat wells.

Neither Perupetro nor Loon immediately responded a BNamericas request for additional information, such as when contract signing was expected.

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