The Peruvian Government approved the Temporary License Contract for the Exploitation of Hydrocarbons in Lot 8 of Loreto, to be concluded between the state agency Perupetro and the new operator Upland Oil & Gas LLC. The new contract will have an extension of four years.
Supreme Decree No. 010-2024-EM thus concludes the direct negotiation process that the Petrotal company, today the operator of Lot 95, had with the main interested party and initial winner of the contest. However, the company was disqualified and the second best option was chosen.
Upland Oil and Gas LLC proposed 19 workover jobs, in addition to the 4 proposed by Perupetro. In addition, it must reactivate 55 wells that are closed, according to the contract.
In April 2020, Lot 8 stopped operating due to the pandemic and, subsequently, the operator Pluspetrol Norte declared corporate liquidation. During that period, the site suffered various acts of vandalism, such as theft of cables, bombs, among others.
Lot 8 has a production capacity of 6,000 barrels of oil per day (bpd), although it is estimated that, in its initial stage, it would produce around 1,000 bpd. Originally, Perupetro planned to reactivate it in the second half of 2023.
Recently, Upland also joined forces with the Brazilian J&F Investimentos SA to compete for 60% of Lot X of Talara and accompany Petroperú as a partner for the next 30 years. The race was won by another consortium, led by the North American De Jong.
Upland also confirmed natural gas reserves this year in another of its operations in Peru: lot XXIII, located in Tumbes, after successful drilling of the “Piedra Candela Sur” exploratory well (6X).
Source: Larepublica
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