Peru cuts oil exploration budgets

Jun 21, 1999 02:00 AM

Oil exploration budgets for Peru have been drastically cut down this year to $ 103 mm, without considering natural gas deposit Camisea, according to Miguel Celi, general manager of Peru's oil licenses regulator Perupetro.
Companies operating in Peru, such as Occidental Petroleum and Argentina's Perez Companc, will only invest the minimum required by the government.
Just 10 exploratory wells will be drilled, down from 50 in 1998, mostly due to budget reductions caused by the slump in international oil prices. Companies with exploration activities planned are Repsol, Olympic Oil, Maple Gas, Occidental and Perez Companc, Celi said.
However, production should only fall 0.7 % to 110,000 bpd, from 117,000 bpd in 1998.
Perupetro expects to award 10 exploration licenses this year, down from 15 last year, mostly for lots in the Maranon and Ucayali Basins, he added. One of the companies involved would be Barrett Resources.

Source: BNA via Iinoil
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