Peru, A High Potential Hydrocarbon Exploration Opportunity

Abstract

Over the past two decades, Peru has been one of the region's fastest-growing economies, with an average growth rate of 5.9%. A favorable external environment, prudent macroeconomic policies and structural reforms create a good scenario for private investors. Peru can be divided into three main oil and gas regions: The Northwest covers Talara and Tumbes-Progreso basins with a cumulative production of 1,600 MMBO. Thousands of wells have been drilled in Onshore and Offshore since 1,863's however up to date no wells have been drilled in the Offshore deeper of 450 of water column, from this depth to the deeper shelf zone remains a huge exploration potential. The second is Marañon basin and has been exploited since 1970's, large amounts of light and heavy oil has been produced (1,000 MMBO), however more than 600 MMBO of heavy oil resources is still pending of development, waiting to be monetized. The third, Ucayali basin has many oil and gas fields. One of them, Camisea transformed the energy matrix of Peru and has marked the economic growth in the country. Camisea, with more than 14TCF is the most important gas field in Latin America. Operated by Pluspetrol, it is an international icon and model of engineering and logistics and role model on the environmental and social aspects. The daily production is 1,780 MMSCFPD and 98,000 BPD of NGLs. Peru with more than 100 years of oil history is considered an underexplored country since only 4 basins of the total 18 produce hydrocarbon. The 98% of the exploratory wells have been drilled in the basins of Talara, Tumbes-Progreso, Marañon and Ucayali, the rest remains almost untouched. Regarding to the Offshore potential, 8 sedimentary basins along 2,250 km of coastline are waiting for new seismic and wells. Only three of them have been drilled. Since several oil seeps have been identified, the petroleum system is still waiting to be proved. The sub Andean trend with very successful results as Camisea fields needs to continue exploring since the same petroleum and gas system can be found. Data from latest wells drilled in the sub Andean trend will be very useful to understand this type of complex thrust fold belt structures. Peru's proven reserves at Dec 2014 were estimated at 683 MMBO; 727 MMBNGL, 14.63 TCF of natural gas; The MEM reported 5,429 MMBO of hydrocarbon resources, 3,207 MMBNGL; and, 74.59 TCF. Based on above we can conclude that there is still a great remaining exploration opportunities.

AAPG Datapages/Search and Discovery Article #90291 ©2017 AAPG Annual Convention and Exhibition, Houston, Texas, April 2-5, 2017