Peru offshore gets boost

UK Independent Baron Oil this week said it assets offshore Peru hold vast quantities of recoverable oil, with the company targeting a well in 2017.

According to Baron Oil’s latest in-house estimates, its three prospects in the Talara basin’s Z-34 block contain 885 million barrels between them, with the majority – 413 million barrels – concentrated in the CUY prospect. The latter will be the first target for drilling. Baron’s partner, Union Oil & Gas, is looking for a farm-in partner for drilling work on future wells.

In a 2004 study, the United States Geological Survey said 1.7 billion barrels could still be discovered in the Talara basin. Wednesday’s announcement means more than 50% of that volume has likely been identified in the 3,713-square-kilometre Z-34 block.

In the same statement, Baron Oil also said its onshore Block XXI might be home to 382.3 mcm (13.5 bcf) in recoverable gas reserves. Other reserves estimates for the 3,032 square kilometre block give a figure of 181.2 mcm (6.4 bcf).