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 April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Algoma Central Orders New Great Lakes Ships

Algoma Central Corporation announces $160 million investment in fleet expansion and fleet renewal   Algoma Central Corporation announced that it has acquired

Russia, France Close to Deal on Mistrals

Russia and France are close to reaching an agreement for Paris to cancel a frozen contract on the sale of Mistral helicopter carriers and reimburse Moscow, a Russian

Horizon's Hawaii Business Acquisition Cleared by DOJ

Horizon Lines, Inc. reported yesterday that, after a review by the Antitrust Division of the Department of Justice, Horizon's proposed sales transaction with The

Finance

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

Oil Price Shock Soon to be Positive Overall for Canada

Canada's economy will start to show more positive effects from the drop in oil prices than negatives from the second quarter onwards, Bank of Canada Governor Stephen Poloz said on Friday.

Total Eyes Sale of its Fuel Retailing Business in Turkey

Total aims to exit its fuel distribution business in Turkey and has asked Societe Generale to lead the sale, sources said on Friday, as the French oil producer

Energy

Four Petrobras Platforms Halt Output Due to Oil Leak

Four Petrobras oil platforms off the northeast coast of Brazil have halted production after a leak of about 7,000 liters of oil was detected coming from a pipeline linking them,

Oil Price Shock Soon to be Positive Overall for Canada

Canada's economy will start to show more positive effects from the drop in oil prices than negatives from the second quarter onwards, Bank of Canada Governor Stephen Poloz said on Friday.

Total Eyes Sale of its Fuel Retailing Business in Turkey

Total aims to exit its fuel distribution business in Turkey and has asked Societe Generale to lead the sale, sources said on Friday, as the French oil producer

Marine Materials

HMS Prince of Wales Bridge Sets Sail

The bridge section of the second Queen Elizabeth Class aircraft carrier set sail today from Glasgow on its first sea voyage to Rosyth.   Upper Block 07 is where

Rotork Acquires Masso

Rotork announced it has acquired Masso Ind s.p.a., a manufacturer of shipboard valve remote control systems (VRCS), to enhance its range of flow control products

Naust Marine Wins Huge Winch Order

58 electric winches for two new fishing trawlers   Hradfrystihusid Gunnvor (HG) and Vinnslustodin (VSV) recently awarded Naust Marine contracts to provide a complete

News

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

Two Rescued from Sinking Shrimp Boat

Two fishermen were rescued from their sinking shrimp boat by a U.S. Coast Guard aircrew Friday off the coast of Saint Simons Island near Brunswic, Georgia.   Watchstanders

IMO: Making Ferries Safer

The International Maritime Organization (IMO) domestic ferry safety conference in Manila April 24 has adopted guidelines to aid the process of reducing the mounting

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.1635 sec (6 req/sec)