The Australian company obtained an 80% stake in TEA, while its project partner, US-based oil and gas exploration company Jaguar Exploration holds the remaining 20% stake after the Peruvian national oil regulator selected them as ‘Qualified Subjects’
Australia-based Global Oil and Gas (Global), and its partner Jaguar Exploration, a US-based oil and gas exploration company, have been granted a 4,858km2 oil and gas block offshore Peru.
Global gets 80%, and Jaguar the remaining 20% of the TEA. (Credit: Maria Lupan on Unsplash)
Global and Jaguar executed a Technical Evaluation Agreement (TEA) with the Peruvian National Agency of Hydrocarbons (Perupetro) for the offshore block.
TEA is an oil and gas contract that provides the exclusive right to negotiate a Licence Contract with Perupetro over the TEA area, for greenfield exploration activities.
In June this year, the Peruvian national oil regulator selected Global and Jaguar Exploration as ‘Qualified Subjects’ for the license area.
As per the terms of the agreement, the Australian company has obtained an 80% stake in TEA, while its project partner Jaguar Exploration holds the remaining 20% stake.
Global Oil and Gas managing director Patric Glovac said: “The acquisition of this highly significant 4,858km2 (over 1.1 million acres) offshore oil and gas opportunity in Peru is transformational for the company.
“The nearby oil discoveries and petroleum refinery close to the offshore block make this an enviable address for global oil and gas players.
“This world-class asset is an incredible opportunity for the company to comprehensively collate all existing information, potentially generating certified Prospective Resources and compelling drill targets.”
According to Global, the oil and gas block offered by Perupetro is located in the Tumbes-Progreso basin, in water depths ranging between 100m and 1,500m.
The Block is located close to the Talara Basin, which already produced more than 1.6 billion barrels and is surrounded by multiple historic and currently producing oil and gas fields.
It shares its southeast border with the Alto-Pena Negra oil field, which currently produces around 3,000 barrels of oil per day (bopd) with a total production of over 143 million barrels of oil.
In the northeast, the block features the Corvina oil field which generated past production rates of up to 4,000 barrels of light oil per day (28.45° API).
Global and its partner Jaguar have already completed most of the data collection, with curation and interpretation work underway.