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Gas from Camisea's Lot 88 to be used domestically, Peru's president says

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(Globalpost/GlobalPost)

Lima, Aug 5 (EFE).- Gas from Lot 88 in Peru's Camisea field will be used to meet domestic demand for the fuel, President Ollanta Humala said.

The president made the announcement during a ceremony Monday at the Camisea project's Las Malvinas plant in Echarate, a district in Cuzco region.

"Today, we have signed an addendum to the Camisea contract that allows us to secure Lot 88, an old promise kept and one that the Peruvian people have been awaiting," Humala said.

The Camisea field includes Lot 56, whose production is exported, and Lot 88.

A 2005 law, however, opened the way for some of Lot 88's reserves to be exported.

Camisea, one of Latin America's largest gas fields, has proven reserves of 8.7 trillion cubic feet.

The Camisea consortium is made up of Spain's Repsol, Argentina's Pluspetrol and Tecpetrol, U.S.-based Hunt Oil, South Korea's SK Energy and Algeria's Sonatrach.

Camisea, which started operating a decade ago with an investment of $3.7 billion, has paid $6 billion in royalties and taxes to the Treasury, officials said.

http://www.globalpost.com/dispatch/news/agencia-efe/140805/gas-camiseas-lot-88-be-used-domestically-perus-president-says