Petroperu Looks for Investors to Explore and Develop in Northern Amazon Rainforest

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Researched by Industrial Info Resources Latin America (Cordoba, Argentina)--State oil company Petroperu S.A. (Lima, Peru) is seeking exploration and production partners for "Block 64," an extensive field of hydrocarbon reserves located in a northern region of the Amazon rainforest that borders Ecuador.

Since April 2013, Petroperu has held a license granted by the Ministry of Energy and Mines for the exploration and production of Block 64. The area has reserves of more than 40 million barrels of light crude oil. To begin the production of the reservoir, Petroperu made a public announcement to private firms interested in the development.

Petroperu plans to commence crude oil production by 2015. To maintain that schedule, it will have to construct the required installations for drilling activities, such as pipelines, for the transport of product to a new crude oil treatment plant. The new plant is expected to have a processing capacity of 27,000 barrels per day. Additionally, a 98-kilometer pipeline will need to be installed to cross the jungle and reach the existing crude oil storage facility known as Morona Station, which belongs to the North Peruvian Pipeline.

At the Morona Station, Petroperu, with subsidiary Petroperu Operacion Oleoducto, also plans to make modifications, such as adding new tanks. As a result, the terminal will have the capability to store and pump to Bayovar Terminal.

The company already has performed social and environmental impact studies, and it expects to receive approval in the coming months. By December of this year, Petroperu expects to announce its financial partner so that bidding can commence in 2014.

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