Project Profile

Value: US$200 million (phase 1)
Location: Marañon Basin, Loreto region, Peru
Area: 2,356 acres
Reserves: 55 million barrels (2P)
Initial production: 10,000 bpd
Start-up year: 2019
The block is located in Peru near the border with Ecuador. The area is known for having high operating costs and difficult logistics. GeoPark has managed to reduce drilling costs to US$50 million per well versus a prior estimated cost of around US$150 million. 
Two wells have already been drilled in the block and GeoPark awaits the approval of the EIA, which is expected in mid to late 2018. The Morona block includes the Situche Central 3X oil field, which was drilled to 5,889 m and recovered 35-37° API good quality oil.
GeoPark's proposed project also involves the construction of a small 40-km pipeline extension that will be used to transport oil to a river from where it will then be transported to a facility close to the NorPeruano pipeline.
Phase 1, a US$200-million investment, will include building the pipeline, putting the wells into operation and construction of a production plant. 
Operators:
GeoPark: Operator with 75% interest
Petroperu: 25% interest