PXP Energy, partners on track for Peru drilling

By Jordeene B. Lagare – February 13, 2020
from The Manila Times

PXP Energy Corp. and its partners are confident of completing its drilling of a well in its offshore exploration project in Peru on time. In a disclosure on Wednesday, the Pangilinan-led company, quoting Karoon Energy Ltd., said “operationally, the [well’s drilling] is progressing (as planned). It is on time and on budget, with no safety or environmental incidents.” But preliminary results reveal that non-commercial gas is showing in the shallower sections of the Marina‐1 exploration well, in Block Z‐38 Tumbes Basin. The well was the first to be drilled in the block, which has a gross prospective resource best estimate of 256 million barrels of oil. Block Z-38 sits in the heart of the Tumbes Basin, next to the oil-producing Talara Basin, which has produced 1.7 billion barrels to date.