The negotiation with the Peruvian Government regarding license extension of Block III and IV is progressing. The Ministry of Mines and Energy supports the proposal for a joint venture between the state oil company, Petroperu, and InterOil. We have started negotiations for a 30 years joint venture of Block III and IV. InterOil will continue as the operator of the blocks, with Petroperu as a partner.
The parties aim to agree on a Term Sheet, outlining the terms and condition of the joint venture, before Christmas.
InterOil is very pleased with the latest development and believes that a joint venture between Petroperu and InterOil is a constructive win-win for all parties.
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InterOil Exploration & Production ASA is a Norwegian based exploration and production company - listed on the Oslo Stock Exchange - with focus on Latin-America. The company is operator of several production and exploration assets in Peru, Colombia and Ghana. InterOil currently employs approximately 250 people and is headquartered in Oslo.