Union Oil and Gas Group (UOGG) acquired control of 80% of Hydrocarbon Exploration Peru Ltd. (HEPL), which owns Block 183 onshore Peru in the Marañon Basin, UOGG said May 26.
UOGG now has the principal role in all technical decisions regarding HEPL.
Block 183 contains up to 2.2 Tcf of recoverable potential gas reserves. It likely contains C5 condensates. It has two oil and gas prospects in anticlines associated with the Sarayaquillo sandstones (Chipurana and Alfaro) in the basin.
The block covers 396,826 hectares, has good transport connections and is located next to two oil fields and one gas field in adjacent blocks.
Marañón Basin has produced oil and gas since the 1940s, close to the border of the Ucayali Basin.
Recommended Reading
Sunoco’s $7B Acquisition of NuStar Evades Further FTC Scrutiny
2024-04-09 - The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for Sunoco’s pending acquisition of NuStar Energy has expired, bringing the deal one step closer to completion.
Air Products Sees $15B Hydrogen, Energy Transition Project Backlog
2024-02-07 - Pennsylvania-headquartered Air Products has eight hydrogen projects underway and is targeting an IRR of more than 10%.
Sherrill to Lead HEP’s Low Carbon Solutions Division
2024-02-06 - Richard Sherill will serve as president of Howard Energy Partners’ low carbon solutions division, while also serving on Talos Energy’s board.
HighPeak Energy Authorizes First Share Buyback Since Founding
2024-02-06 - Along with a $75 million share repurchase program, Midland Basin operator HighPeak Energy’s board also increased its quarterly dividend.
Magnolia Oil & Gas Hikes Quarterly Cash Dividend by 13%
2024-02-05 - Magnolia’s dividend will rise 13% to $0.13 per share, the company said.