(World Oil) – PetroTal Corp. has efficiently acquired 100% working curiosity in Peru Block 131, following its acquisition of CEPSA Peruana, the Peruvian enterprise unit of Compañía Española de Petróleos (CEPSA). The Los Angeles oil discipline at Block 131 was found by CEPSA Peru in 2013.
“The acquisition of Block 131 represents an necessary milestone for PetroTal, and a pivotal step in our development technique,” mentioned Manuel Pablo Zúñiga-Pflücker, President and Chief Govt Officer of PetroTal. “Importantly, Block 131 diversifies our manufacturing base inside Peru, establishing a brand new platform for future manufacturing and reserves development.
PetroTal’s technical crew has already recognized quite a few synergies between the Block 131 belongings and our current operations at Block 95. Much like the technique we have now already efficiently employed at Bretaña, we plan to use trendy drilling methods on the Los Angeles discipline, which has important unutilized facility capability. We’re at the moment finalizing our improvement plan for the belongings and look ahead to offering extra particulars on the acceptable time.”
Key highlights
The Los Angeles discipline at Block 131 has produced a mean of 817 bopd from January 1 to September 30, 2024. The on-site facility infrastructure web site was constructed to accommodate throughput of as much as 5,500 bopd, offering a transparent runway for manufacturing development and improved unit working price construction. The produced oil is 45°API, which provides potential for advertising and marketing synergies with PetroTal’s heavy Bretaña crude. Extra highlights embody:
- Visibility for low-cost, mild oil manufacturing and reserve additions within the near-term, with upside useful resource potential in deeper, unproduced zones.
- PetroTal estimates remaining Proved recoverable reserves are 2.0 million barrels (“bbls”) of sunshine oil, and 4.2 million bbls of Proved plus Possible reserves. PetroTal sees upside to order bookings given multi-horizon reservoir potential and improved geophysical interpretations.
- Mixing of Block 131’s mild oil manufacturing might permit PetroTal to extend gross sales of heavy Bretaña crude to the Iquitos refinery, at improved differentials to the Brent benchmark.
Background
The Los Angeles oil discipline at Block 131 was found by CEPSA Peru in 2013. As of September 30, 2024 the sector has produced a complete of roughly 7.8 million bbls. Block 131 is held below an exploration and manufacturing license settlement expiring in 2038, topic to a 23.48% royalty price at discipline manufacturing ranges below 5,000 bopd, with the same scaling issue to Block 95 above 5,000 bopd. All produced oil is at the moment bought to PetroPeru, Peru’s state-owned oil firm, at Pucallpa. The oil is then transported by barge alongside the Ucayali River (passing PetroTal’s Bretaña oil discipline) to the Iquitos refinery.
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