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

Contracts

RDS Wins Engineering and Design Contract for Sea Lion

Rig design and engineering specialist RDS has been awarded a front-end engineering design (FEED) contract by AMEC for Premier Oil’s Sea Lion development in the North Falklands Basin.

Rickmers-Linie Appoints Interliner Agencies

Hamburg based Rickmers-Linie has appointed Interliner Agencies as its new agent in South Central Europe. The agency contract covers Slovenia, Austria, Czech Republic,

Brent Crude Slips Towards US$102

Brent crude fell towards $102 a barrel on Tuesday on concerns of slowing oil demand growth due to weak economic recoveries in China and Europe, although new unrest

Finance

Halliburton to Settle US Gulf Spill Claims for $1.1b

Halliburton Co said it reached a $1.1 billion settlement for a majority of claims against the company for its role in the BP oil spill in the Gulf of Mexico in 2010.

Joe Barton: Lift Oil Export Ban

A senior U.S. Congressman from Texas has come out in full support of the United States lifting the 40-year old ban on crude oil exports, putting him at odds with

Brent Crude Slips Towards US$102

Brent crude fell towards $102 a barrel on Tuesday on concerns of slowing oil demand growth due to weak economic recoveries in China and Europe, although new unrest

Energy

Halliburton to Settle US Gulf Spill Claims for $1.1b

Halliburton Co said it reached a $1.1 billion settlement for a majority of claims against the company for its role in the BP oil spill in the Gulf of Mexico in 2010.

Joe Barton: Lift Oil Export Ban

A senior U.S. Congressman from Texas has come out in full support of the United States lifting the 40-year old ban on crude oil exports, putting him at odds with

Brent Crude Slips Towards US$102

Brent crude fell towards $102 a barrel on Tuesday on concerns of slowing oil demand growth due to weak economic recoveries in China and Europe, although new unrest

Marine Materials

Nanotechnology & Big Data: New Review

A report commissioned by the Lloyd’s Register Foundation, reviewing the potential implications of nanotechnology on the safety and performance of engineering assets

VIKING Steps Up Pace of Innovation at SMM

This year’s SMM in Hamburg will see VIKING release more innovations than at any other point in its 50-year history, including new developments in PPE clothing,

MHI, IHI & DBJ Join Forces On Investments

Mitsubishi Heavy Industries, Ltd. (MHI), IHI Corporation and the Development Bank of Japan Inc. (DBJ) concluded a three-way formal agreement today on their respective

News

Two MCS Exhaust Gas Boilers to Tersan Shipyard

Parat Halvorsen AS has been awarded new boiler plant contracts for two freezer trawlers to be built at Tersan Shipyard located in Telova, Turkey. The boiler plants are for Tersan¹s newbuildings No.

Halliburton to Settle US Gulf Spill Claims for $1.1b

Halliburton Co said it reached a $1.1 billion settlement for a majority of claims against the company for its role in the BP oil spill in the Gulf of Mexico in 2010.

RDS Wins Engineering and Design Contract for Sea Lion

Rig design and engineering specialist RDS has been awarded a front-end engineering design (FEED) contract by AMEC for Premier Oil’s Sea Lion development in the North Falklands Basin.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar 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: 0.1297 sec (8 req/sec)