The American energy company PetroTal Corp. has entered into an agreement to acquire CEPSA Peruana, S.A.C. and, accordingly, 100% of the shares of the Los Angeles field in Block 131 in Peru. This is reported in a PetroTal press release.
The deal is aimed at implementing short-term development plans and potential modernization of production by increasing production capacity by 900 barrels of oil per day with the prospect of further expansion, taking into account the low depletion coefficient and high quality of light crude oil.
PetroTal management has developed a strategic plan to exploit the potential of the assets, including the identification of new drilling sites, cost-effective operational changes and reduction of chemical costs.
At the Los Angeles field, assets are located under a concession agreement valid until 2037, while the royalty rate is adjusted depending on the level of production. All produced crude oil is sold to the state-owned Petroperu company and transported to the refinery in Iquitos (Peru), strategically located next to the Bretana oil field.
The completion of the transaction is subject to regulatory approval. Evercore Group LLC is acting as a financial advisor, and Stikeman Elliott LLP is acting as a legal advisor to PetroTal.
PetroTal is an energy company. PetroTal is engaged in the exploration, evaluation and development of crude oil and natural gas fields. The headquarters is located in Houston (Texas).
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