Project Profile

Location: Tumbes basin, Peru
Value: US$729 million
Prospective Resources: 2.5 billion barrels of oil and 99 bcm of gas
Area: 4,875 sq km
Water Depth: 350-500 m

The block is located off the coast of provinces Contralmirante Villar, Tumbes and Zarumilla in northern Tumbes region. The program includes 10 exploration and 10 confirmation wells. Karoon Gas is ready to invest up to US$40 million in each well in water depths of 350-500 metres. 

The operator would need production of about 50,000 bpd of crude to announce commerciality from the block and between eight and 10 years to for site development. 

Operators:

KEI (Peru Z38) Pty Ltd (Karoon Gas): Operator with 40% interest

Tullow Oil: 35% interest

Pitkin Petroleum: 25% interest