Oil and Gas Online, Houston - January 14: A major natural gas and condensate discovery has entered the trial production phase in Block 57 of the Ucayali Basin in Peru. The project is being led by a consortium headed by YPP, a subsidiary of Spain's Repsol. This marks a significant step forward for the region's energy sector.
Initial test flows from the well have reached 35.3 million cubic feet per day of natural gas, along with 1,245 barrels per day of condensate. These figures highlight the potential of the field and could pave the way for larger-scale operations in the future.
Repsol YPF currently holds a 41% stake in the project, while Brazil's Petrobras owns 35.15%. Both companies are in the process of acquiring an additional 23.85% share from Connaught's subsidiary, Burlington Resources. This acquisition is expected to strengthen their positions in the block and enhance their operational control.
Petrobras also noted that the discovery well is located near Blocks 58 and 110, which are part of its broader exploration efforts in the area. The company currently holds 100% ownership in those adjacent blocks, indicating a strategic focus on expanding its footprint in the Ucayali Basin.
This development underscores the growing interest in Peru’s hydrocarbon reserves and reflects the ongoing efforts of international energy players to unlock new resources in the region. With continued exploration and investment, the Ucayali Basin could emerge as a key player in South America’s energy landscape.
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