In May, Peru's Ministry of Mines and Energy said the reserves in the two blocks were 11.2 Tcf, based on a commissioned report by consultants Netherland, Sewell and Associates.
In June 2009, the government said a report by consultants Gaffney, Cline and Associates had estimated that the proven recoverable reserves in the two Camisea blocks were just 8.8 Tcf.
The Camisea field, located in the Lower Urubamba basin in the southeastern Peruvian Amazon, accounts for almost 85% of gas production in the country, Platts reported previously.
Perupetro Chairman Daniel Saba said Monday that the new estimate of 13.8 Tcf was not based on new drillings, but was instead a different interpretation of existing data. Details of the analysis was not available.
Perupetro said the recent estimate most closely resembles the estimate by Argentina's state-owned oil and gas company Pluspetrol, which is leading the Camisea consortium.
The consortium comprises Pluspetrol (27.2%), US' Hunt Oil (25.2%), South Korea's SK Corp. (17.6%), Spain's Repsol (10%), Argentina's Tecpetrol (10%) and Algeria's Sonatrach 10%).
The reserves of the Camisea fields are a controversial issue in Peru as the opposition, led by the nationalist party leader Ollanta Humala, claims there is not enough gas in the field to support a deal between Pluspetrol and Repsol -- which allows the latter to export 4.2 Tcf of Camisea gas -- as well
as meet domestic demand.
In August, the country's south saw violent protests over demands for cheap energy and in opposition to the gas exports, which began in June. Protesters clashed with police and attacked a key gas pipeline, stopping only when the government offered to build a liquefied petroleum gas plant and boost royalties on exports.
Humala has repeatedly voiced his concern that the gas exports will drain away crucial gas resources, as well as alleged corruption between the multinationals and Peruvian officials over the export deal.
Meanwhile, Perupetro's Saba said separately that the agency, at the Peru government's request, has scheduled negotiations with the Camisea consortium in a bid to limit exports to only gas from block 88 as well as to increase export royalties which currently stand at 70 cents/million Btu.
It is not clear how long the negotiations will last as they involve several companies, said Saba, adding that Pluspetrol is not obligated to accept any modifications to contract terms.
China Chemical Weekly: http://news.chemnet.com/en/detail-1411716.html
