Peru seeking buyer for productive offshore tract

This paper reports that Petroleos del Peru (Petroperu) is seeking a buyer for its Petromar offshore exploration and production unit. Peru's national oil company wants to sell Petromar acreage, production, and production installations on Block Z-2b for $200 million, payable at $10 million/year for 20 years, plus a share of future production. Petroperu is offering a full interest petroleum exploration and exploitation contract for 30 years for oil and as long as 40 years in the case of gas exploitation. The company seeking the smallest share of current and incremental future production to operate Block Z-2b will be awarded the acreage. Petromar's sale is the latest announced under Peru's privatization program ordered by President Alberto Jujimori