Authorities estimate new oil reserves in northeast Peru

Authorities from the Energy and Mines Ministry estimate that two blocks in Peru’s north eastern Loreto Department contain some 500 million barrels of heavy oil. The Vice Minister of Energy, Pedro Gamio, told Agencia Andina the oil is located in block 39, under exploration by Spain’s Repsol YPF, and block 67, under exploration concession to France’s Perenco oil company.

“We are still waiting for technical work to confirm the find, but geologists have told us that there are great possibilities to find new reserves,” said Gamio.

The president of Peru’s state oil company Petroperu, César Gutiérrez, said blocks 39, 67 and 1AB, of the Pluspetrol oil company, could have a daily production capacity of 100,000 barrels of heavy oil. Gutiérrez added that 40,000 barrels will be exported to markets in Southeast Asia.

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