ECONOMY


UK company Baron Oil found 885 million barrels reserves in Peru offshore block

Baku, December 6, AZERTAC

The UK oil producer Baron Oil released that its offshore Block Z-34 in shelf of Peru has reserves totaling 885 million barrels.

The deep-water offshore oil block in the Talara Basin off northwest Peru is operated by the UK oil company in partnership with Union Oil & Gas. It contains three prospects, as for the first estimates are for 413 million boe, for second estimates are for 200 million boe and for third the estimates are for 272 million boe.

Moreover, UK-based Baron Oil released that its onshore Block XXI has estimated reserves of 181 million cbm of natural gas and 7.1 million barrels of oil. The company hopes to commence production from Block XXI in the middle of 2017.

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