Perenco stated that the principal asset of Barrett Resources (Peru), which will be known as Perenco Peru, is its 100% interest in the license contract for Block 67 in the Maranon basin.
The block contains the Paiche, Dorado and Pirana fields, which together hold estimated resources of over 300 million barrels of oil. When the development is completed, it is estimated that these fields will have the potential to produce up to 100,000 barrels of oil per day.
The plan of development, which estimates first oil in January 2011, includes drilling, construction of surface processing and handling facilities, and local pipelines for delivery of crude oil into the export pipeline system.
Perenco noted that the plan contemplates investments currently estimated to be in the order of $1.5 billion. The export pipeline system is also expected to require an upgrade.
