Frontera in Amazon deal, vows to invest

Frontera Energy will invest USD 2.5 billion in its Peruvian oil and gas exploration and production operations, the newly rebranded company said on Thursday.

The news followed a deal with a tribal group hailing from Peru’s Amazon region on ending a months-long occupation of one of Frontera’s oilfields. The land-use dispute was resolved with the company agreeing to land-use payments. Frontera also agreed to back community projects.

The Canadian company, which earlier this week changed its name from Pacific Exploration & Production Company to Frontera Energy, won a two-year concession agreement for Lot 192 two year ago. Pipeline leaks across the 5,000-square-kilometre area forced the company to suspend production in early 2016.

Frontera Energy is the largest independent exploration and production player in Colombia, and was known as Pacific Rubiales until 2015. The company also has interests in about 20 blocks split between Belize, Guatemala and Peru.