PetroTech announces probable oil reserves of 1.13 billion barrels off Peru’s north coast

PetroTech Peruana, exploring in the continental shelf offshore from Piura and Lambayeque in northern Peru, announced proven probable reserves of 1.132 billion barrels of high quality oil in several structures in Block Z-6.

The company’s exploration manager, Enrique Gonzales, told Andina news agency that the San Miguel oil well alone has proven probable reserves of 323 million bbl, plus an additional 809 million bbl in structures offshore from Lambayeque. Drilling of the San Miguel 1X well, 25km south of Pimentel, is to begin in the final quarter of this year.

Meanwhile, Gonzales said, the company will begin moving the San Miguel platform further south in approximately three weeks, to begin exploration drilling offshore from Lambayeque later this year. Drilling of the well is expected to be 3.2km deep. An investment of approximately $47.5 million in exploration in Block Z-6 includes a cost of approximately $23.75 million to sink the oil platform into the ocean bed.

Production is expected to begin between July and November 2009. Gonzales said that discussions with the regional president of Lambayeque, Yehude Simon, are ongoing on the development of the port of Eten, from where PetroTech would ship its oil and gas.

PetroTech Peruana, registered in Delaware, produces gas and oil in its offshore San Pedro 1B well in Block Z-2B, also in the Piura region, where it began working in 1993.

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