Camisea Gas Project
| Camisea gas fields | |
|---|---|
| Country | Peru |
| Offshore/onshore | onshore |
| Coordinates | 11°50′19.19″S 72°57′1.05″W / 11.8386639°S 72.9502917°WCoordinates: 11°50′19.19″S 72°57′1.05″W / 11.8386639°S 72.9502917°W |
| Operator | Pluspetrol |
| Partners |
Pluspetrol Hunt Oil Company SK Corporation Repsol YPF Tecpetrol Sonatrach |
| Field history | |
| Discovery | 1986 |
| Start of production | 2004 |
| Production | |
| Estimated gas in place | 13,400×109 cu ft (380×109 m3) |
The Camisea Gas Project extracts and transports natural gas originating near the Urubamba River in central Peru, the San Martín Reservoir.
In July 1981 the Peruvian government signed an oil contract for blocks 38 and 42 with Royal Dutch Shell. The contract covered approximately 20,000 square kilometres (7,700 sq mi) in the southern part of the Ucayali Basin. The Camisea gas fields were discovered in 1986 by Shell. By 1987, two non-associated natural gas fields, San Martín and Cashiriari, were approved economically feasible. In March 1988, the preliminary agreement on exploration was signed between Petroperú and Shell. However, the talks ended in August of that year without reaching a final agreement.
Shell and Petroperú signed the agreement for the assessment and development of the Camisea fields in March 1994. A consortium of Shell and Mobil started to develop the fields, but cancelled all projects in Peru in July 1998, due to political concerns. Six drilled wells and facilities went to the Peruvian State. For this reason, in May 1999, the Commission for the Promotion of Private Investment agrees to conduct a promotional process to develop the Camisea project through a scheme involving independent modules segmented business. In 1999, it adopted the Law No. 27133 with an assured supply of the domestic market by a "permanent horizon of 20 years." In late May 1999, the Special Committee of Camisea Project (CECAM) convened two international public tender for awarding the contract for the exploitation of Camisea, concessions and transport of liquids and gas from these fields to the coast and gas distribution in Lima and Callao.
In December 2000, contracts were signed for the project development with an international consortium which now includes of Pluspetrol (27.2%), Hunt Oil Company (25.2%) SK Corporation (17.6%), Repsol YPF (10%), Tecpetrol (10%), and Sonatrach (10%).The key legal advisors in the transaction were Jaime Malagón, Jerome Jakubik, Paul Slocomb, and Víctor M. Marroquín of Baker & McKenzie, the international law firm retained by the Peruvian Government to advise on all privatization processes. In early May 2002, signed the concession contract for the transportation and distribution of gas from Camisea. In 2003 promulgating the DS 031-MS, eliminating the phrase "permanent horizon of 20 years" of Law No. 27133 and replacing it with "a minimum period specified in the contract." In June 2005 approving the Law 28 552, which amends Law 27133, disappears the phrase "permanent horizon of 20 years" and instead supply guarantees are mentioned in general terms. This made possible to allocate 100% of the Block 56 reserves for export. Since the Block 56 was not sufficient for export commitment again make the policy changes necessary to also dispose of Lot 88, for the domestic market. In December 2005 promulgating the 2005 EM 050 DS. In the preamble to the DS was explicitly stated that having the Act amended 28552 Article 4 of Law 27133 in relation to supplying the domestic market, authorizing Perupetro to renegotiate the contract for Block 88 to allow its proven reserves are exported.
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