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Petrobras, plans to invest $70 million in Block-X in Peru




Petroleumworld Peru
LIMA
Petroleumworld.com 05 30 07

Brazil's Petrobras,will invest $70 million in Block-X in Peru in 2007, Operations Manager Ricardo Martinez told government news agency Andina.

The investment will be used to drill 103 wells to increase production on the mature field, Martinez was quoted as saying on Sunday.

The field currently produces around 13,000 barrels of oil a day, it first began production in 1914.

Petrobras officials have said that will increase production to around 15,000 or 16,000 b/d.

Martinez also said that Petrobras will work on blocks 57, in partnership with Repsol and 58, both in Peru's southeastern jungle, near Peru's Camisea natural gas fields, at present they are interpreting seismic data and could begin drilling the first well in the first quarter of 2008.

Petroleumworld 29 05 07

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