CNPC Likely Has 3-4 TCF Reserves in Peru Block 58
Source: Reuters 10/18/2016, Location: South America
China National Petroleum Corporation Corp likely has 3-4 trillion cubic feet of proven natural gas reserves in an energy block it operates in southern Peru, Peru's president said.
CNPC bought the rights to explore Block 58 in Peru's southern Amazon from Petrobras in 2014. The block then had proven reserves of about 2 TCF.
"The block that CNPC has, will soon be declared viable with three to four trillion in proven reserves of gas," Peruvian President Pedro Pablo Kuczynski said in a speech at an energy event.
Peru's energy and mines minister has previously said that Block 58 likely has "important reserves" that would help ease concerns over whether a $5 billion natural gas pipeline being built in the region will find enough demand.
The government expects the company to make a detailed announcement next month when Chinese officials visit Peru.