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 (Cuy prospect) estimates are for 413 million boe, for second (Cuy Sure) estimates are for 200 million boe and for third (Daphne) the estimates are for 272 million boe. The development of the offshore block will star from the Cuy prospect and will continue with the Cuy Sure, but currently seeking for a partner to farm into the Daphne block to drill one or more wells.
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.
Baron Oil is a junior oil and gas company that has been established in order to identify and acquire projects in the oil and gas sector, with particular emphasis on Central and Southern America. The company presently faces limited competition, as there are few, North American or European oil and gas companies operating in Northern Peru. This is, however, changing rapidly as more and more companies see the opportunities available.