Peruvian gov’t approves Tullow’s entry in two offshore licenses

The Government of Peru has approved Tullow Oil’s entry into country’s two offshore licenses, Z-38 and Z-64. Tullow and Karoon plan to drill an exploration well in license Z-38 in early 2020.

Tullow Oil in January 2018 agreed terms to add six new licenses covering 28,000 sq km offshore Peru to its portfolio. Tullow agreed with PeruPetro to acquire a 100% stake in Blocks Z-64, Z-65, Z-66, Z-67 & Z-68.

Tullow also agreed to acquire a 35% interest in the offshore exploration Block Z-38 in the Tumbes Basin off Peru through a farm-down from Karoon Gas Australia.

However, in May 2018, the Supreme Decrees, authorizing PeruPetro, the state regulator, to execute license contracts for these blocks, were revoked by the Peruvian Government.

Continue reading

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.