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.