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Petroperú agreed to accept the assignment of Geopark Perú SAC’s 75% stake in the license contract for Block 64, obtaining 100% of the rights and obligations as a contractor for the exploration and exploitation of hydrocarbons in the deposit.
The oil company had announced in July its decision to abandon Block 64, in the face of resistance from the Achuar and Wampís communities, in the Loreto Amazon.
Petroperú SA and Geopark Perú SAC must obtain the Supreme Decree to proceed with the modification of the license agreement, in accordance with Article 12 of the Organic Hydrocarbons Law.
After this process, Petroperú will fully assume Block 64 and, in a next stage, will evaluate the most efficient way for its operation through its association with a private investor, within the current legal framework and guaranteeing the continuity, reliability and socio-environmental responsibility of its operations, the state company said.
Geopark and Petroperú had partnered in 2014 to explore and exploit the lot in the Marañón basin, whose project was estimated to reach an average daily production of 10,000 barrels of oil in its first stage.
According to Reuters, the lot, with probable and possible reserves of 160 million barrels of crude, had returned to the State in 2013 after its previous operator, the Canadian Talisman, withdrew due to the rejection of communities in the area. .
The lot called “Morona Project”, considered the one with the greatest potential to increase Peru’s reduced crude production, would require an investment of US $ 130 million in its first stage, according to the company. Peru currently produces an average of 50,000 barrels of oil per day.
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