PetroTal acquires Block 131 in Peru to diversify its production

PetroTal finalizes the purchase of Block 131, including all assets of CEPSA Peruana. This strategic acquisition aims to strengthen the company's production and reserves in Peru.

Share:

PetroTal Corp. has completed the acquisition of a 100% interest in Block 131, located in Peru, by acquiring all shares of CEPSA Peruana, a subsidiary of Compañía Española de Petróleos S.A. (CEPSA). This transaction marks a major strategic advancement for PetroTal, consolidating its activities in the region.

Block 131 is notable for the Los Angeles oil field, discovered in 2013. This field produced an average of 817 barrels of light oil per day (bopd) between January and September 2024, with an API gravity of 45°. The existing site infrastructure can process up to 5,500 bopd, paving the way for significant production increases and lower unit costs.

PetroTal’s Objectives for Block 131

PetroTal plans to implement modern drilling techniques, similar to those used at its Bretaña field, to maximize the productivity of Block 131. The company is currently assessing a development plan aimed at utilizing the untapped capacities of the Los Angeles field and exploring deeper, unproduced zones.

With proven reserves estimated at 2.0 million barrels and proven plus probable reserves reaching 4.2 million barrels, Block 131 presents a significant opportunity to increase production capacity in the short term. Additionally, the potential to blend the block’s light oil with Bretaña’s heavy crude could enhance sales conditions with the local refiner, PetroPeru.

Context and Implications

The current production from Block 131 is sold to PetroPeru and transported by barge along the Ucayali River to the Iquitos refinery, a process that benefits from logistical synergies due to the proximity of the Bretaña field. The exploration and production license agreement for Block 131 is valid until 2038, with a 23.48% royalty rate applied for productions below 5,000 bopd.

PetroTal also emphasized that this acquisition aligns with its long-term growth strategy. By diversifying its assets, the company is positioning itself to strengthen its competitiveness in the Peruvian market and optimize the exploitation of local resources.

This key milestone in PetroTal’s expansion reflects a balanced approach between increasing production capacity and efficiently managing existing infrastructure. The company is expected to announce additional details regarding its development plans for Block 131 soon.

Serbia has secured a new 30-day reprieve from the application of US sanctions targeting NIS, operator of the country’s only refinery, which is majority owned by Gazprom.
OMS Energy Technologies Inc. reports solid financial results for 2025, driven by marked revenue growth, improved gross margin and a reinforced cash position in a shifting market.
Five employees injured in an explosion at the Pascagoula refinery are suing Chevron for negligence, seeking significant compensation and alleging major breaches of safety regulations.
South Korea and Japan are reinforcing coordination on strategic stocks and oil logistics as growing dependence on Gulf imports and geopolitical tensions affect the Asian market.
Sonatrach continues to assess underexploited oil and gas areas with the support of Sinopec, following a gradual strategy to strengthen its position on the regional energy market.
Venezuelan oil group PDVSA is mobilising to restart export operations under conditions similar to previous US licences, as Washington prepares to again authorise its main partners to operate.
Two separate strikes in the Vaca Muerta region threaten to disrupt oil and gas production after historic records, with unions protesting layoffs and unpaid wages in a rapidly expanding sector.
US refiner Phillips 66 posted quarterly earnings above expectations, driven by high utilisation rates and lower maintenance costs across its facilities.
The advisory opinion issued by the International Court of Justice increases legal exposure for states and companies involved in the licensing or expansion of oil and gas projects, according to several international law experts.
US oil company Chevron has received new approval from American authorities to relaunch its operations in Venezuela, halted since May following the revocation of its licence under the Trump administration.
Turkey has officially submitted to Iraq a draft agreement aimed at renewing and expanding their energy cooperation, now including oil, natural gas, petrochemicals and electricity in a context of intensified negotiations.
The Dangote refinery complex in Nigeria is planning a scheduled forty-day shutdown to replace the catalyst and repair the reactor of its gasoline production unit, starting in early December.
Indonesia Energy plans to drill two new wells on the Kruh block in Indonesia before the end of 2025, following a 60% increase in proven reserves thanks to recent seismic campaigns.
CanAsia Energy Corp. confirms it has submitted a bid for oil and gas exploration and production in Thailand, reinforcing its international strategy within a consortium and targeting a block in the 25th onshore round.
The decrease in US commercial crude oil stocks exceeds expectations, driven by a sharp increase in exports and higher refinery activity, while domestic production shows a slight decline.
Pacific Petroleum and VCP Operating finalise the $9.65mn acquisition of oil assets in Wyoming, backed by a consortium of Japanese institutional investors and a technology innovation programme focused on real-world asset tokenisation.
Repsol's net profit fell to €603mn in the first half, impacted by oil market volatility and a massive power outage that disrupted its activities in Spain and Portugal.
A USD 1.1 billion refinery project in Ndola, signed with Fujian Xiang Xin Corporation, aims to meet Zambia's domestic demand and potentially support regional exports.
The Organization of the Petroleum Exporting Countries (OIES) confirmed its Brent price forecast at 69 USD/b in 2025 and 67 USD/b in 2026, while adjusting its 2025 surplus forecast to 280,000 barrels per day.
PermRock Royalty Trust has declared a monthly distribution of 395,288.31 USD, or 0.032491 USD per trust unit, payable on August 14, 2025, based on production revenues from May 2025.