Project Profile
Location: offshore Peru
Value: US$250 million
Area: 28,000 sq km (combined)
Licence duration: 7 years
Exploration drilling: 2019
On 10th January 2018, Tullow Oil announced the signing of a deal with state-run Perupetro for the acquisition of 100% interest in five blocks – Z-64, Z-65, Z-66, Z-67 and Z-68. The agreement is subject to approval by supreme decree by the Peruvian Ministry of Energy and Mines and Ministry of Economy and Finance. The formal signing of the licenses is anticipated in the first quarter of 2018.
According to the general terms of Peruvian License Contract, Tullow Oil, as a Contract Holder, will become the owner of produced hydrocarbons and will carry all the exploration risks. The exploration stage usually lasts for 7 years with three-year option to extend. The contract can be terminated at any time based on exploration results and compliance with the minimum work program.
Operators:
Tullow Oil: Operator with 100% interest
Previously owned by Perupetro