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


<< Jun 2017 >>
29 30 31 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 1 2

Oil & Gas Indonesia 2017

Oil & Gas Indonesia (OGI) is an exhibition focused on Oil and Gas Exploration, Production and Refining and showcases the largest exhibition…

read more >

Erasmus Energy Forum 2017

Join Rotterdam School of Management, Erasmus University (RSM) on the paths to zero carbon energy

read more >

OGA 2017

OGA 2017 is the most beneficial way to meet, discuss and acquire the latest in the Oil & Gas industry! …

read more >

03rd OIL & GAS TANZANIA 2017

After a successful Oil & Gas Exhibition in 2016, Expogroup is all set for the 6th OIL & GAS AFRICA 2017…

read more >


Assistant Driller

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



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.


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.