Japan's Inpex acquires first upstream exploration asset in Peru

Chemical News: Japan's Inpex acquires first upstream exploration asset in Peru

https://www.chemnet.com Aug 09,2010
Japan's Inpex Corporation has taken a foothold in the Peruvian upstream sector through the acquisition of a 25% participating interest in Block 117 in the country's north, the exploration and production company said Friday.

Inpex is already involved in a number of exploration, development and production projects in Latin American countries, including Venezuela, Brazil, Ecuador, Mexico and Suriname.

Block 117 is located in the Maranon Basin in the northern part of Peru and covers an area of 10,940 sq km.

Petrobras Energia Peru SA will remain as operator of the block, with a 50% participating interest. Colombian national oil company Ecopetrol also holds 25% of the permit area.

Several large reserves of oil have been discovered and produced in the vicinity of Block 117, according to Inpex.

The Japanese company said it would further endeavor to expand its upstream exploration and production in Latin American countries, which are one of Inpex's core international business areas.

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