Perupetro, Searcher Seismic agree on offshore Peru multi-client campaign

Searcher Seismic has reached agreement with Perupetro to produce four new multi-disciplinary projects. Peru plans to lower the royalty payments it receives from oil companies. Three foreign oil companies that had originally signaled interest in Peru’s biggest oil. Confident interpretation, regional reconstruction and play level evaluation will be delivered to participants. Peru’s state agency for hydrocarbon exploration, Perupetro.

The Peruvian Government authorized Perupetro S.A. to sign an amendment to the license. BPZ Resources reported that Perupetro, the Government’s agency responsible for promoting. Peru Offshore Well Atlas and an interpretative report titled Offshore prospectivity. The Energy Development Company announced its participation in the exploration of Block XXIV. Peru’s state hydrocarbons promotion agency Perupetro reported 16 groups submitted offers for the 2007 E&P round.

“Searcher’s entry into Peru shall upgrade the existing offshore Peruvian database”, said Rachel Masters, VP of project development for Searcher.

Searcher has begun reprocessing 25,700 km of vintage 2D field data for the Huayno 2D Pre-Stack Reprocessing project. Twenty-nine companies with exploratory contracts and three with extractive rights have declared force. The regional 2D reprocessing project aims to provide a much-improved, consistent, regional grid. Perupetro President Luis Ortigas said all of the nine concessions are offshore. The Company is participating in the Block at a 20% working interest with the current operator.

It’s covering the offshore basins of Peru, with multiple vintages tying as many wells. Perupetro said it was now considering negotiating a contract directly with potential operators. Lot 117 is located on the Peruvian-Colombian border, in the Maynas Province. The Peru Offshore Rectified Seismic Data is all existing offshore seismic data for Peru. The FDP sets May 31, 2010 as the date to transition from exploration to commercial production.

The Block was the subject of a competitive bid conducted by Perupetro. The bidders are the following: Korea National Oil Corporation-CNPC International-Pluspetrol. Peru’s total production of hydrocarbons liquids in October this year fell 5% to 3.3Mb. Both 2D and 3D, rectified and loaded into Searcher’s new Saismic platform. Perupetro said in a statement released during a news conference at the auction. Current operator Pluspetrol’s contract for block 192 is scheduled to end Aug. 29.

The Peru Offshore Well Atlas is comprised of a selection of 63 offshore wells. Crude oil prices have dropped about 70 percent from the 2014. The amendment stipulates that Ecopetrol will have a 25% participation in Lot 117. It well reports are to be enhanced and organized prior to interpretation including evaluation. Current prices at around $30 barrel have triggered spending cuts as oil companies. Accordingly, on or before the FDCP the Company will be required to have installed.

A Review of Peru’s Offshore Basins will provide a comprehensive regional play-based evaluation. Rubiales Energy had all expressed interest in the block last month. The ownership interest will now decrease to 50%. The transition to commercial production is important as it allows the Company to start depreciating. The offshore basins of Peru based on the interpretation of available public domain data. Block XXIV is located on the coastal plain in northern Peru.

The study utilizes a multidisciplinary approach with emphasis on geology, geophysics. The Block is situated in portions of both the Talara and Sechura basins in Northern Peru. The offers represent roughly US$1bn in exploration investment. The production drop related mainly to blocks 1-AB and 8. The remaining 25% will continue to be owned by the Peruvian branch of Inpex North Peru Ltd. Significant oil and gas development is ongoing by other operators drilling adjacent to Block XXIV.

Masters said “The Offshore Peru Data Package will be significant in both preliminary and ongoing evaluations”.

Perupetro plans to open economic offers and award contracts on September 12. The company ceased operations due to protests on October 10 over alleged environmental violations. The recent experience gained through similar projects in Argentina. The Company also reports that on December 13, 2009 new legislation regulating extended well testing in Peru. Perupetro would offer new royalties based on the conditions of each oil block.

It increasing the exploratory appeal to greatly benefit interested explorers. Responding to industry needs is at the forefront of Searcher’s business model. The Camisea consortium’s block 88, also operated by Pluspetrol. Offshore Peru offers high impact, moderate risk exploration in shallow water. Petroperu has not produced oil in more than 20 years. Gas production in October also fell 6.9% to an average 211Mm3/d. The high prospectivity in multiple, relatively unexplored basins.

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