Peru Grants Development Rights for Oil and Gas Block 207 to China's SPT Energy

en.Wedoany.com Reported - On October 26, Peru's state oil company Perupetro announced that Chinese oil and gas service company SPT Energy Group Inc. won the bid for the development rights of Oil and Gas Block 207 in the Talara Basin. The block is planned to be developed under a 30-year oil and gas extraction license contract. SPT Energy plans to invest approximately US$400 million in the first 10 years of the contract to carry out well rehabilitation, development well and exploration well drilling, and to advance the upgrading of existing oilfield production facilities and the development of oil and gas resources.

SPT Energy's bid includes 100 existing well rehabilitation operations, 170 development wells and 80 exploration wells. Among them, the 100 rehabilitation operations represent additional workload beyond the 21 stipulated in the tender documents, and the 170 development wells exceed the 12 required by the tender. Perupetro publicly reviewed the technical proposals of seven qualified bidders on October 26 and ultimately selected SPT Energy.

Block 207 is located in the Talara Basin in the Piura Region of northwestern Peru, with an onshore area of approximately 21,911.45 hectares, and was originally part of Area A of the existing Block XIII. The current license contract for the block will expire in December 2026, and the average crude oil production over the past year was approximately 750 barrels per day. The new round of development work will focus on restoring production from existing wells and drilling new wells, and will be implemented gradually in accordance with the winning bid proposal.