Peru is set to hold auction for the exploration in Block 192, which includes Block 1-AB (Marañon Basin), next month, reported Reuters.
Since 2001, Pluspetrol has been operating the oil block 192, currently having a production capacity of about 12,000 barrels per day. This contract is scheduled to expire by the end of August.
Indigenous communities in the Amazonian region of Loreto have protested over pollution, proceeds and land use in recent years in the block 192.
Perupetro head Luis Ortigas told the news agency the preferred bidder is planned to be announced by mid-July, after the completion of negotiations with the native groups over the development of the block.
"But the contract is not going to be signed as long as talks have not finished."
Petroperú will have a participation interest of 25% in the new license contract, which will have a 30-year period.
As per the bidding conditions, the work minimum program (PMT) considers drilling of 20 development wells with an investment of $200m in ten years.
