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Exploration and Production ConocoPhillips has an ownership interest in five exploration blocks in Peru, with 100 percent interests in two of those blocks acquired in 2006.
In Block 39, the company participated in a discovery with the drilling of the Buena Vista No. 1 well in July 2005. The well tested 2.5 MBD of oil (gross) from two zones. Two additional discoveries were made in 2006. The first was a sub-commercial well, the Delphin 2x, drilled in early 2006. The next discovery was made with the completion of the Raya 3x well in August 2006 that tested in excess of 2 MBD of oil (gross) from two zones. Additional drilling is needed to help determine whether there are sufficient reserves in the area to allow commercial development to proceed.
ConocoPhillips has seismic and geologic studies under way in order to evaluate the hydrocarbon potential of Block 104, which is located in the Maranon basin. In early 2007, the company relinquished 40 percent of this block, in accordance with terms of the license agreement.
In March 2007, ConocoPhillips reached a definitive agreement with Repsol and Petrobras to sell its interest in Block 57, a Ucayali basin property located in southern Peru, subject to approval of the Peruvian authorities.
Located in the Maranon basin, ConocoPhillips signed license contracts in September 2006 for blocks 123-124, which have a combined area of more than 5.5 million acres.
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