Thursday, March 23, 2006

Peru Government to Sign 7 More Oil Contracts in April

Peru Plans 350M in Oil Investments

Lima, Mar 22 (Prensa Latina) Peru plans to award seven contracts in April, for a total 350 million dollars, for oil exploitation and exploration.

Mines and Energy Minister Glodomiro Sanchez said one of these contracts is already functioning and the others are awaiting the signature of President Alejandro Toledo.

The minister pointed out that four contracts will be signed between State Perupetro and the US Amerada Hess Corporation, which will explore in Ucayali and Loreto departments, in the country´s northeast and central regions.

He said that by the end of the year, Hunt Oil will confirm the natural gas reserve in Pagoreni near Camisea, recently in the headlines for pipeline explosions.

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