Peru state hydrocarbons agency Perupetro has awarded a 30-year operating license for oil block Lot 207 in the Talara Basin to SPT Energy Group Inc.
Perupetro announced that the technical proposal from SPT Energy Group widely outperformed submissions from six other qualified contenders during the international bidding process.
Under the 30-year contract, the operator must execute a work program designed to maximize efficiency and raise crude production in the Talara Basin. The winning bid represents an investment commitment of nearly $400 million over the first 10 years, which Perupetro said will bring direct and indirect economic benefits to the region.
The work program includes 100 well reconditioning operations, exceeding the 21 required in the tender rules. SPT Energy Group also pledged to drill 170 development wells, surpassing the 12 required, along with 80 exploratory wells.
Lot 207 acreage and production
Lot 207 covers 21,911.453 hectares in northwestern Peru and consists of section A of the current Lot XIII. The existing contract for Lot XIII expires in December 2026.
Crude production on the block averaged 750 barrels per day over the past year. Perupetro said output will increase gradually under the work plan developed by the company.
Seven qualified bidders contested the license. Besides SPT Energy Group, individual contenders included Offshore Exploration and Production LLC, Red Internacional de Combustibles y Sistema Avanzados S.A.C., and Colombian Green Energy S.A.S.
Three consortiums also took part: Curefco International Trading and Shipping (CITASCO) BV with La Ponderosa Energy S.A.; Sertecpet S.A. with Inventa Energy Enterprises, LLC; and Alpha Integral Service E.I.R.L. with Inexport Servis S.A.C. and Empresa de Transportes Romero S.R.L.
Talara Basin energy background
Perupetro is the state company responsible for negotiating, awarding, and supervising hydrocarbon exploration and exploitation contracts in Peru. The agency manages upstream rights and conducts bidding rounds to attract private investment into the national energy sector.
The Talara Basin, located in the coastal department of Piura, is the historic heart of Peru's petroleum industry, with commercial oil extraction dating back to the nineteenth century. The 30-year license secures long-term operations on the acreage ahead of the Lot XIII contract expiration in late 2026.
