The development stages:Environmental evaluation/2014-05,In production - under development/2017-01.Block V covers 9,026ha and is located in Peru's Talara basin. It is operated by local firm Graña y Montero Petrolera (GMP) under an exploration and production license which runs through 2022. As of May 2014, the block has 41 operating wells that produce 125 b/d. In the same month, the company submitted an EIA to drill 37 additional wells in the block. The depth of these wells will be 5,500-7,700 feet (1,676-2,347m) while production is estimated at 50 b/d per well. Total estimated investment in this drilling campaign is US$27.8mn.