Peru Awards $720 Mln Camisea Gas Project to Consortium

The Peruvian government approved a deal for six multinationals to invest $720 million to develop part of the Camisea gas field in southern Peru. The consortium is made up of Argentina’s Pluspetrol, Hunt Oil Company from the U.S., South Korea’s SK Corp., Algerian Sonatrac, Spain’s Repsol and the unit of Argentine industrial conglomerate Techint, Tecpetrol. Camisea is estimated to contain 8.7 trillion cubic feet of natural gas, making it the third largest such field in South America. The group plan to export the gas to Mexico, which has been unable to develop its own vast reserves.