Manufacturing Industry
PERU: Construction plans for proposed $108,000,000 oil exploration and production project, BURLINGTON RESOURCES [UK] Order #: 111206.
WWP- Report on Oil Gas & Petrochemicals in the Developing World, November, 2006
PROJECT OVERVIEW
The local state-owned PERUPETRO recently signed 2 exploration and production (E&P) contracts with the Peruvian subsidiary of UK-based BURLINGTON RESOURCES. The concessions are for blocks 123 and 124 in Loreto department's Maranon basin. The company, for that matter, already holds E&P contracts for blocks 57 and 39 and is operator of block 104.
According to the terms of the new agreement, BURLINGTON will have 7 years to explore the blocks with a possible 3-year extension. As a result, the company must drill 3 exploratory wells during the exploration phase and, if successful, could begin 30-year oil production or 40-year natural gas production operations. In so doing, block 123 will involve a minimum $55,000,000 investment program,...
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