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  HOME | Peru

Canadaís Pacific Stratus to Operate Peruís Largest Oil Block for 2 Years

LIMA Ė Canadaís Pacific Stratus Energy will operate Peruís largest oil block, Lot 192, for two years under an agreement reached Friday with state-owned energy company Perupetro.

Perupetro reached the deal in direct negotiations with Pacific Stratus Energy, a subsidiary of Toronto-based Pacific Rubiales Energy, after a public bidding process involving Pacific Stratus, Argentinaís Pluspetrol and Anglo-French Perenco drew no offers from the participating companies.

The Energy and Mines Ministry and the Economy and Finance Ministry still must approve a decree that gives the go-ahead for the contract to be signed.

The new contract will guarantee continued operations at Lot 192 after Pluspetrolís concession expires on Aug. 29, Perupetro said in a statement.

A total of 11,000 barrels of crude per day are produced from 16 wells at the block, which is located on Peruís border with Ecuador and accounts for 17 percent of the countryís total oil output.

Local indigenous communities periodically accuse Pluspetrol, which has developed Lot 192 since 2001, of polluting the area and not compensating them for the use of their lands.

 

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