Camisea area may have 30 tcf of gas

Oct 24, 2007 02:00 AM

The Camisea area in south central Peru could contain some 30 tcf of natural gas reserves, Energy and Mines Minister Juan Valdivia said.
In 2000, a consortium led by operator Pluspetrol Peru won a 40-year license to develop Camisea's upstream sector. The project, using gas from lot 88, came onstream in mid-2004.

Valdivia said that there are currently reserves of some 12 tcf of gas on a national level. He said that Pluspetrol has another 10.9 tcf in recognized reserves but that the company has asked the government to recognize more reserves, which could take place in a few weeks.
Valdivia said that drilling in lot 56, close to the Camisea lot 88, is underway and he said that unofficial results are "promising."

Other companies have started drilling in other lots in the same region. Valdivia downplayed criticisms that a project to export liquefied natural gas would leave Peru short of gas for domestic use.
"There is enough gas for us, for our children, for our grandchildren and for our great-grandchildren," he said.

A Hunt Oil-led consortium known as Peru LNG has started work on a gas liquefaction plant on Peru's Pacific coast at Pampa Melchorita, aiming to export that LNG.

Source: Dow Jones & Company
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