Peru lifts force majeure from oil exploration block

PXP Energy Corporation said the force majeure has been lifted from Peru’s Block Z-38 following recent changes in that country’s hydrocarbon law.

The offshore block is in the Tumbes basin.

The disclosure came in a PXP statement that cited a corporate update from Karoon Gas Australia Ltd, Melbourne, which has operations in Australia, Brazil, and Peru.

PXP Energy holds 53.43% interest in Pitkin Petroleum Ltd, a UK company with operations in Peru. Pitkin’s asset is a 25% in Block Z-38.

Karoon said it was progressing with plans to drill the Marina-1 exploration well during early 2020. The block had been under force majeure since September 2013.

The well will test the Marina prospect and will be the first to be drilled on Block Z-38. Karoon executives believe the prospect has the same source rocks as onshore Talara basin fields.

Source: Oil & Gas Journal