The Pluspetrol oil company has told Peruvian authorities that the Camisea natural gas fields hold about 20 percent more reserves than originally estimated. The gas fields were believed to contain 10.86 trillion cubic feet, TCF, of natural gas. But according to daily El Comercio, Pluspetrol told the Energy and Mine Ministry the reserves contain 13.40 TCF.
Pluspetrol reportedly found that Block 88 has 10.4 TCF and Block 56 has three TCF of natural gas. The company’s general manager, Norberto Benito, said their data has been verified by the international energy consulting firm, Gaffney, Cline and Associates.
President Alan García said the increase in Camisea’s natural gas reserves brings Peru’s total reserves to about 20 TCF. García predicted natural gas could help power Peru’s internal energy market for the next 50 or 60 years.
However, most of the natural gas will likely be exported, generating an average of $230 million a year in incremental royalties and $90 million in income tax revenue for the Peruvian government. The Inter-American Development Bank and the U.S. Export-Import Bank have already promised to partially finance a natural gas liquefaction plant on Peru’s southern Pacific coast. The plant will liquefy the natural gas purchased from Camisea and export it to Mexico and possibly Chile and the United States.
The Camisea gas fields are located in a fragile biodiversity hot spot in Peru’s south-eastern Amazon jungle basin. The area holds some of the largest undeveloped gas reserves in South America. It is the largest energy project in Peruvian history.
