Petro-Tech to invest US$7mn in exploratory well
Bnamericas Published: Wednesday, March 30, 2005
Peruvian oil company Petro-Tech Peruana is planning to invest US$7mn to drill an exploratory well off Peru's northern coast in the Lambayeque region as seismic information indicates the presence of hydrocarbons, local press quoted energy and mines director Aníbal Salazar as saying. Petro Tech has had a concession license for block Z-6 off the coast of Piura department since February 2002. The 30-year contract has a 7-year exploration phase, which stipulates obtaining seismic data and drilling a total of 4 exploratory wells that require investments of approximately US$40mn. Petro-Tech is 100%-owned by Houston-based Petro-Tech International.
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