Baron Oil moves ahead with Peruvian block farm-out

UK’s Baron Oil has nearly completed the transfer of 30 percent interest in Block Z-34 offshore Peru to its Latin American partner Union Oil and Gas Group (UOGG).

Baron Oil said on Thursday that the public deed transferring the interest from the company’s subsidiary, Gold Oil Peru, to UOGG was executed by the companies and the Peruvian oil and gas regulator PeruPetro.

The original farm-in transaction with UOGG was signed in April 2013 and approved in July 2016. Under the terms of the agreement, UOGG will pay Gold Oil Peru $2 million as a result of the completed public deed which finalizes the farming transaction.

Through the transfer of Gold Oil’s 30 percent interest, UOGG formally increases its stake to 80 percent while Baron Oil holds the remaining 20 percent. The required paperwork will be completed within the next ten days.

The interest transfer between the companies was completed several days after PeruPetro accepted a drilling plan and location for the Cuy offshore exploration well in the Z-34 block.

Block Z-34 in the Talara Basin is a host to three prospects, Cuy, Cuy Sur, and Daphne, all located in the northern part of the block. According to Baron’s estimates, the block holds a total of 885 million barrels of oil recoverable, 413 of which are estimated to be in the Cuy prospect.

As a part of the interest transfer agreement between the companies, UOGG is paying 100 percent of all the costs related to the block including the planned drilling of the exploration well.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Mar 2017 >>
MTWTFSS
27 28 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Future Conference: Wind & Maritime

The sixth Future Conference: Wind & Maritime – the conference in north-eastern Germany that connects wind wnergy with maritime industry…

read more >

Ocean Business 2017

Ocean Business 2015 was phenomenally successful, with visitor numbers up an incredible 29%. The overall attendance was a staggering 4,589…

read more >

23rd Annual BBSPA Conference

The Conference has established itself as a platform that brings together high-level professionals from regional and international oil…

read more >

06th OIL & GAS KENYA 2017

The 06th Oil & Gas Africa – Int’l Trade Exhibition, 11 – 13 April, 2017, is a hub for key players in the oil and gas community…

read more >

Jobs>

Electrician

For one of our clients we are looking for a Ships Electrician. Our client is a company with worldwide activities. You will work in a rotation of 4 till 6 weeks on and off.

apply

Assistant Driller

Maersk Drilling Norge AS was established in 1990 and employs a staff of approximately 1000 people.

apply

QC Coordinator Offshore

Do you attach great importance to quality and do you have an affinity with offshore projects? Then read about what Van Oord can offer you.

apply