Petroperu Moves Forward with Altamesa Energy Canada as Block 192 Partner

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Petroperu (Lima, Peru) said Monday it was continuing to work with Altamesa Energy Canada Incorporated (Montreal, Canada) as its strategic partner in Block 192, one of the largest oil fields in Peru.

The state-owned Peruvian energy company selected Altamesa as its strategic partner in 2021. Only in February this year did Petroperu sign a 30-year contract to operate the oil block.

The process will now move to Perupetro, Peru's hydrocarbons regulatory authority, which will review the case before an agreement can be finalized.

Block 192 is considered one of the largest fields in Peru, with a reserve of 127 million barrels of light, medium, and heavy crude oil. Since production started there, the block has had a cumulative oil output of 737 million barrels.

However, Block 192 has been offline since February 2020, when Frontera Energy (Calgary, Canada) was its operator. After four years of service, Frontera ended its contract as an operator of the field in 2021.

Besides having a history of high oil production, this facility has also faced several disruptions due to protests and unrest from local communities. Among the issues were the number of oil spills caused by the facility and social issues, which have angered the local communities throughout the years.

Before going offline in 2020, Block 192 had an average production between 7,000 and 10,000 barrels of oil per day (BBL/d), about a quarter of Peru's production over the last few years. The country has been facing oil output declines after registering an average of 35,000 BBL/d or less in the first two months of this year due to lower production from the Amazonian fields, where Block 192 is located.

Petroperu, however, expects to start producing oil in Block 192 in the first quarter of 2024. The company has yet to complete its evaluation of the facility's infrastructure as well as the rehabilitation of its operations following the shutdown of the oilfield. This will include the recovery works in the oil wells, which have been shut down for years.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project Database can click here for project reports tied to Block 192.

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