Cepsa begins producing crude oil in Peru

Important milestone within the company's expansion strategy in Peru

Cepsa has announced the start of long-term testing at El Pozo “Los Ángeles-1X”, located in Block 131 of the Ucayali Basin, east of Lima.

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Cepsa, operator of this block since 2013, has a 70% stake while its partner, Pacific Rubiales, has the remaining 30%.

 

 

Cepsa 's Vice Chairman and CEO , Pedro Miró, said that "this is an important milestone for the Company, within our expansion strategy in Peru . The initial tests carried out at the Los Ángeles-IX well were encouraging enough to warrant carrying out the long-term tests."

 

 

Production has been brought online in a short period of time, and the Company has already taken the first steps toward marketing this high-quality oil (light 44-45° API). This quality has not been previously found in Peru. Substantial production figures are expected during this extended production period.

 

Block 131-Pozo Los Ángeles-IX

In September 2013, work on the Los Angeles-IX well was accelerated, reaching a depth of 12.409 feet in November of that year. A 30-day production test was then conducted to analyze the reservoir's characteristics in detail. Following this work, the first positive results were obtained, and Cepsa decided to carry out long-term testing as soon as the necessary permits were granted. Long-term testing began in September 2014, and drilling activity is scheduled to resume at the end of December, allowing for the evaluation of reserves and the subsequent development plan for the field.

 

The start of this activity is of great importance, not only because of what it means for the development of Cepsa 's project in Peru, but also because it adds more production to the Exploration and Production portfolio and consolidates the internationalization of our Company, two of its main strategic objectives.

 

Cepsa , as it has been doing until now, will continue working in the region under the commitment to establish a framework of trust and integration with the communities in the environment in which it operates, with the utmost respect for the environment and giving priority to the safety of people.