Peru will give Pacific Exploration and Production Corporation a two-year service contract for developing the country's biggest oil block, state regulator Perupetro said Aug. 21.
The Canadian company, which changed its name from Pacific Rubiales Energy Corp last week, will take over oil block 192 after current operator Pluspetrol's contract expires in eight days.
A deal was reached through private talks after a 30-year contract for the concession failed to draw any bids in an auction last month.
State-owned energy company Petroperu will not take a minority stake in the oil block as permitted by law, Perupetro president Rafael Zoeger said at a press conference.
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