Peru May Have Gas Reserves Similar To Bolivia -Petrobras
-28-08 5:08 PM EDT
LIMA -(Dow Jones)- Peru may hold as much gas reserves as neighboring hydrocarbon powerhouse Bolivia, the chief executive of Petroleo Brasileiro SA’s (PBR) Peru operations said Thursday.
In a press conference with foreign journalists, Pedro Grijalba said the Brazilian company is planning to begin exploratory drilling on two lots in Peru in the second quarter of next year.
One of the blocks is adjacent to Peru’s massive Camisea gas fields, which came onstream in 2004.
“We already think of Peru as having gas reserves similar to that of Bolivia,” Grijalba said. “The potential for investment in (Peru) is tremendous.”
Bolivia’s natural gas reserves are estimated at close to 50 trillion cubic feet.
Earlier this year, Spain’s Repsol YPF (REP) reported a gas find at the Kinteroni X1 well, near the Camisea fields, estimated at 2 trillion cubic feet.
Repsol is partnered with Petrobras and Burlington Resources Peru in block 57, where it made the find.
Grijalba said Peru may become a principal gas producer for the Pacific region.
Peruvian government officials say that Peru has estimated reserves of gas of about 16 trillion cubic feet, taking into account the recent Repsol find.
-By Leslie Josephs; Dow Jones Newswires; 511-211-2689; peru@dowjones.com
(END) Dow Jones Newswires
08-28-081708ET
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