Through its
affiliate Repsol Exploraci�n Peru, Repsol has signed a contract with the
national Peruvian company, Perupetro, to explore in the Z-29 block, which is
also called Trujillo. This block has an area of 11,000 km2 and is
located off-shore on the Peruvian continental platform, at Trujillo, between 60
and 150 kilometres from the coast.
Repsol acts as operator and holds a
65% stake in the block, whilst the Australian company, Ampolex, owns the
remaining 35%. The contract signed with Perupetro involves a minimum programme
of seismic tests over the first two years, leading to a decision in the third
year as to the drilling of an exploratory well. This area may be considered
unexplored, for only two exploratory wells have been dug to the south of the
Trujillo block.
This contract is a further step in Repsol's strategy to
expand its investments in South America, where it already has exploration and
production activities in Colombia and Argentina, and has recently signed a
contract for exploration in Bolivia.
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