Project Profile
Value: unknown
Location: Titicaca Basin, Southern Peru
Area: Unknown
Reserves: 29.6 million barrels
Production: Unknown
Depth: Unknown
Start-up Year: 2016
Block 105 is located in the Titicaca Basin in Southern Peru. The Initial on-shore prospective resource is expected to amount to 29.6 million barrels. A new 2D seismic will aim to define major new targets and drilling is planned for the 4Q of 2015. Oil seep sampling has identified the presence of a working hydrocarbon system at the block and historic production has included the Pirin field which produced over 300,000 barrels of oil in the 1900’s. Antilles Oil and Gas is the operator of the project and farmed out 50% of its acreage position in September 2015 to Union Group. This has now lowered the operators risk and exposure as Union Group will fund 75% of the well to be drilled in 2016 up to a cap of US$3 million. The project is close to local infrastructure including a major railroad, rail link and the South Peru Gas Pipeline Project due for completion in 2019.
Operators:
Antilles Oil and Gas: 20% interest
Union Group: 80% interest
Should Antilles be appointed as the operator of Block 105 that Union becomes the Operator of the project subject to the terms of the JOA. (25/05/2016)
Contractors:
Subcontractors: