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Hunt Oil Peru

Peru

Address: Av. Victor Andres Belaunde 147, Via Principal 140 - Torre Real 6, Oficina 503 - San Isidro

Tel: +51 1 707 4020

Web: www.huntoil.com

Products and services

Peru and Block 88 In February 2000, the Government of Peru awarded Hunt Oil Company and its partners Pluspetrol, Tecpetrol and SK Corporation the exclusive rights for 40 years to develop and produce the giant Camisea gas fields. With the subsequent award of the right to build the transportation system in December 2000, work immediately began on both the upstream development and the construction of pipelines. Block 88 contained two of the four known Camisea reservoirs, which held some of the largest undeveloped gas reserves in South America. The current facilities have the capacity to process approximately 500 MMC/D of wet gas at the gas processing facilities on the Urubamba River near Malvinas and process 50,000 barrels of associated hydrocarbon liquids at its processing facility on the coast of Peru near the city of Pisco. Repsol joined the consortium in 2005. Hunt holds a 25.2 percent interest in Block 88. Simultaneous with the Block 88 agreement, Transportadora de Gas del Peru (TgP) signed an agreement with the Government of Peru to construct a gas transportation system and liquids transportation system to serve the Block 88 development. Hunt holds a 12.38 percent beneficial interest in the transportation company. PERÚ LNG In February 2003, PERU LNG (a Peruvian-registered company) was created for the purpose of exporting excess Camisea reserves, as liquefied natural gas, to markets in Central and North America. PERÚ LNG’s majority owner and operator is Hunt Oil Company (50 percent). Partnering with Hunt in PERU LNG are three other owners: SK Energy of South Korea (20 percent), Spain’s Repsol YPF (20 percent) and Marubeni of Japan (10 percent). PERÚ LNG consists of two parts a liquefied natural gas plant and a gas supply pipeline connected to the existing TgP pipeline downstream of the rainforest section that transports the gas from this connection point to the LNG Plant located between Cañete and Chincha. In May 2010, construction was completed with commercial operations beginning in June of the same year, when an LNG carrier sailing from Pampa Melchorita to Mexico became the first load of liquefied natural gas ever exported from Peru. In June 2004, the Upstream Consortium consisting of Hunt, Pluspetrol, Tecpetrol, SK Corporation and Sonatrach signed an agreement to develop Block 56, with Repsol joining the consortium in 2005. Development in Block 56 is now underway, with the first development well spudded on the Pagoreni structure in May 2006. Hunt holds a 25.2 percent interest in Block 56. Exploration On May 2, 2006 Hunt signed a License Contract for Block 76, covering 3.5 million acres located in the provinces of Manu and Tambopata along the Camisea gas trend. Hunt, along with Repsol (50 percent), is currently in the second 2½ year period of the contract, engaged in geology and geophysical studies, and environmental impact assessment, field study and seismic processing. The second period of the contract commences in the first quarter of 2009. Hunt participated in the 2007 Peruvian Bid round and was awarded the 1.07 million acres of Block 143 on July 12, 2007. Block 143 is an add on to Hunt’s current position in the Maranon Basin and it lies on trend with the producing Block 1Ab and Block 8 oil fields. The first 18-month phase of the contract will involve geological and geophysical studies to high grade areas for further seismic acquisition in the following phase.
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