Petrobras has confirmed a new natural gas discovery in Peru.
The discovery is the outcome of drilling conducted at its exploratory well Picha 2X at a depth of 4,400m and is the second discovery made in the lot.
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The first discovery, Urubamba IX, was made in late 2009.
Both discoveries are expected to have a potential and recoverable volume of gas of 1.7tcf (48 billion cubic metres), valued at $5bn.
Peruvian President Alan Garcia said the gas should meet southern Peru’s requirement for 20 years and will reduce electricity prices in the region.
The government has reserved a portion of gas from exploration blocks for Peruvians following a protest by people in the region demanding that natural gas be set aside for local consumption instead of exports.
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By GlobalData
