Peru's Perupetro Plans To Sign Six Contracts Before Year's End

Date : 10/06/2011 @ 1:10PM
Source : Dow Jones News
Stock : Ecopetrol S.A. American Depositary Shares (EC)
Quote : 18.22  0.88 (5.07%) @ 12:06AM

Peru's Perupetro Plans To Sign Six Contracts Before Year's End

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Peru's state-owned Perupetro said Thursday that it plans to sign six contracts for hydrocarbon exploration and exploitation before the end of 2011.

Perupetro President Aurelio Ochoa said during a press conference that the contracts will include clauses related to a new law aimed at improving consultation with indigenous communities.

The legislation, known as the prior consultation law, was approved in September and is expected to be implemented in early 2012.

Four of the contracts are to be signed by a consortium that includes Spanish oil company Repsol YPF SA (REPYY) and Ecopetrol SA (EC, ECOPETROL.BO), Ochoa said.

The other two contracts will be signed by Emerald Energy Peru SAC, he added.

-By Ryan Dube, Dow Jones Newswires; 51-945 043 802;

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