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ConocoPhillips has decided not to pursue further exploration activities in Peru blocks 123 and 129. This decision to withdraw as operator and opt out of the next exploration period is part of the company’s strategic plan to optimize its portfolio of assets, a news release stated.
The company’s 45% interest will be transferred to Gran Tierra Energy Peru SRL, along with the operatorship of the blocks subject to government approvals. ConocoPhillips will work with Perupetro, the Peruvian petroleum licensing agency, and Gran Tierra Energy Peru SRL to facilitate an efficient transition.
ConocoPhillips recently completed two rounds of seismic exploration activities in blocks 123 and 129, according to the release.