Perupetro grants approval of blocks V and VII of Talara to companies Petromont and Olympic

This Perupetro release was published using machine translation.

PERUPETRO granted today the good pro of the Selection Process by Call to award the License Contracts for the Exploitation of Hydrocarbons in Blocks V and VII, located in Talara (Piura), to the companies Petrolera Monterrico SA (Petromont) and Olympic Perú INC , Branch of Peru, respectively.

The offers made by both companies will allow investments of the order of 145 million dollars between both lots, thus ensuring the continuity of oil operations in the Northwest of the country.

Petromont, the sole bidder for Block V, offered to execute two well workovers, 21 development wells and one exploratory well, between the first and sixth years of the License Agreement. Said offer exceeded the minimum established in the bases of the process, being awarded the good pro.

In the case of Block VII, Olympic was the winner of the good pro by widely exceeding the offer presented by the company Sapet Development (current operator of Block VII). Olympic will execute 62 workover wells, 89 development wells and five exploratory wells, between the first and seventh years of the License Agreement.

Blocks V and VII produce an average of 90 and 1,000 barrels of oil per day, but their contracts end in October of this year, after 30 years of validity. Consequently, the signing of new License Contracts is necessary to avoid the suspension of oil production in the northwest of the country and encourage new investments.

The general manager of PERUPETRO, Carlos Pantigoso, highlighted the results achieved in the selection process, ensuring the development of investments and the increase in production. In addition, he stressed that these new contracts will include a Development Fund for the benefit of the populations located in the area of direct influence of the lots.

The Commission in charge of the process granted the approval in a public act with the presence of two notaries and representatives of the Office of Internal Control of the Comptroller General of the Republic.