Peru OKs $1.4 Bln Exploratory Work In Natgas Block

Posted by Joseph R. Fonseca
Monday, April 28, 2014

 

Peru has approved an environmental permit that will allow China National Petroleum Corp to do $1.39 billion of exploratory work in a natural gas block it is buying from Brazilian state-run oil company Petrobras.

Block 58, in the southern Cusco region, which could hold several trillion cubic feet of natural gas, is now controlled by Petrobras. But CNPC said last year that it was taking control of the concession as part of its $2.6 billion purchase of all of Petrobras' Peruvian assets.

CNPC, China's top oil and gas company, said Monday that the government could sign off on the transfer of block 58 by the end of May. "We expect the block to be transferred by May 30...but of course it's in the government's hands," said Claudia Bustamante, a spokeswoman for CNPC's local unit.

Block 58 has proven reserves of about 2 tcf, but Petrobras has said it expects to find between 8 and 10 trillion cubic feet in it, and in nearby block 57.

CNPC is also buying Petrobras' 46 percent stake in block 57, controlled by Spanish company Repsol.

New proven gas reserves from the blocks would help speed up construction of a natural gas pipeline crucial to President Ollanta Humala's energy plans.

Up to 12 exploratory wells and seismic surveys planned in block 58 will cost $1.39 billion, according to an environmental impact statement prepared by Petrobras.

Bustamante said CNPC's energy blocks will be managed as previously planned this year although CNPC could start to make changes in 2015.

Petrobras has said its exit from Peru is part of a broader plan aimed at divesting billions in foreign assets to focus on massive offshore deposits in Brazil.

(Reporting By Mitra Taj; editing by Peter Galloway)

 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Diana Extends Containership Time Charters

Diana Containerships Inc. announced direct continuation of time charter agreements for m/v Cap Domingo and m/v Cap Doukato   Diana Containerships Inc., a global

BMT Supports Samalaju Port Development

BMT subsidiaries in the Asia-Pacific region have been awarded a contract to provide design expertise for an advanced bulk-material handling system for the emerging port of Samalaju in East Malaysia.

EU: Ships Will Measure CO2 Emissions

Shippers to begin monitoring from 2018; Environmental groups say law is weak, shippers favorable. The shipping sector will for the first time have to monitor

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

Energy

Fourth Rig Delivered to Perforadora Central

Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the jackup rig, Coatzacoalcos, to Mexico’s Central Panuco S.

Massive LNG Absorber Shipped to Malaysia

Successful transport of 1,480t absorber for biggest LNG plant worldwide in Malaysia.   1,480 tons and a high center of gravity made the transport of an absorber

EU: Ships Will Measure CO2 Emissions

Shippers to begin monitoring from 2018; Environmental groups say law is weak, shippers favorable. The shipping sector will for the first time have to monitor

News

ClassNK Approves Niigata Dual-fuel Engine Design

Classification society ClassNK has granted approval to the design of the new 28AHX-DF dual-fuel engine developed by Niigata Power Systems Co., Ltd. The new engine

MacGregor Deck Equipment for Intership's Eco-bulkers

MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers.

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2053 sec (5 req/sec)