Hunt Oil, Pluspetrol Boost Peru Oil, Gas to 24-Year High

Hunt Oil, Pluspetrol Boost Peru Oil, Gas to 24-Year High

By Alex Emery  Nov 21, 2012 3:56 PM GMT-0500

Peruvian oil and gas liquids output rose to a 24-year high last month as Dallas-based Hunt Oil Co. and Argentina’s Pluspetrol SA boosted production at the Camisea gas fields to a record, the government said.

Oil and gas liquids production rose 11.3 percent from a year earlier to 167,785 barrels a day in October, state oil- licensing agency Perupetro said today in a statement posted on its website. Natural gas output fell 1 percent to 1.19 billion cubic feet, Perupetro said.

The seven-company Camisea Group, which boosted gas liquids by 24 percent to 98,702 barrels per day last month, completed the expansion of its Malvinas gas separation plant, Hunt’s country manager Barbara Bruce said. Peru has lined up $23 billion in energy investments during the next decade in a bid to double oil and gas production, according to Perupetro.

“The number of wells and dimension of the Camisea structures are so large that it’ll be possible to maintain this rate of production,” Bruce told reporters today in Lima. “What the domestic market can’t consume will be exported.”

Crude oil for January delivery gained 79 cents, or 0.9 percent, to $87.54 a barrel at 3 p.m. on the New York Mercantile Exchange. Natural gas for December delivery rose 6.8 cents, or 1.8 percent, to $3.90 per million British thermal units at 2:59 p.m.