en.Wedoany.com Reported - Perúpetro is advancing oil and gas exploration in the Tumbes-Progreso Basin through a Technical Evaluation Agreement, considering it one of the most promising areas for exploration on the country's continental shelf, with a geological success probability of 30%.
Located in northwestern Peru, the Tumbes-Progreso Basin has a lower exploration maturity compared to basins such as Talara. Peru currently has eight offshore basins, three of which have proven production: the Tumbes-Progreso Basin, the Talara Basin, and the Sechura Basin. The remaining five basins—Trujillo, Salaverry, Pisco, Lima, and Mollendo—all show evidence of hydrocarbon potential, with exploration activities currently underway in the Trujillo Basin. This basin has a high potential for discovering high-quality light crude oil, with an API gravity ranging from 28° to 30°.
As part of its mandate to promote oil and gas exploration, Perúpetro signed a Technical Evaluation Agreement in August 2023 for Block LXXXVI, located in the Tumbes-Progreso Basin, aiming to enhance geological understanding and identify new exploration opportunities through research.
According to the corporate study responsible for this agreement, the Zorritos Formation has been identified as the primary reservoir unit. These sand bodies are similar to those currently producing in nearby fields within the basin, such as Albacora and Corvina, and are widely distributed across the agreement block. Additionally, the study has identified other secondary reservoirs. Since 2023, in-house research has identified 50 exploration structures within the block, making Block LXXXVI one of the offshore areas in Peru with significant exploration reserves, thereby reducing exploration risk and increasing the probability of future success.
The Technical Evaluation Agreement is set to conclude in August of this year. The relevant company has requested the initiation of the signing process for an oil and gas exploration and development license contract for this block, and Perúpetro is currently evaluating the submitted application. Perúpetro stated that sustainable energy development requires promoting responsible investments, strengthening environmental institutions, and continuing exploration activities to increase the country's oil and gas reserves.
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