Peru to launch Camisea gas field sale

May 20, 1999 02:00 AM

The government will soon launch the sale process for the concession to exploit the huge Camisea natural gas field, said Jorge Chamot, chairman of privatisation commission Cepri.
The auction will be conducted in two stages, comprising an initial licence for transport and distribution operations and a second one for exploitation.
The concession contracts are expected to be signed in September and November following evaluation studies, and no single company will be authorised to hold controlling stakes in both.
A consortium including Shell and Mobil is "working on preparing its proposals" for the sell-off, he added.
Last July Shell and Mobil pulled out of an initial auction for the concession, sidelining investments totalling around $ 2.5 bn.

Chamot said the Camisea project will require first-stage investments of at least $ 2.3 bn and the field is expected to come on stream in June 2003.
The government estimates the field, which is in the province of Cusco, has 11 tcf of naturalgas and 600 mm barrels of liquefied reserves.
Financial sources said that, in all, around 15 companies have expressed an interest in the concessions.

Source: AFP/FT via Newspage
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