ConocoPhillips has an ownership interest in six exploration blocks in Peru, including a 100 percent interest in two of those blocks acquired in 2006 and one block acquired in 2007. Block 39 Operator: Repsol (55.0%) Co-venturer: ConocoPhillips (45.0%) The company participated in a discovery with the drilling of the Buena Vista No. 1 well in July 2005. The well tested 2.5 MBD of oil (gross) from two zones. Two additional discoveries were made in 2006. The first was a subcommercial well, the Delphin 2x, drilled in early 2006. The next discovery was made with the completion of the Raya 3x well in August 2006 that tested in excess of 2 MBD of oil (gross) from two zones. Additional drilling on Raya is planned to help determine whether there are sufficient reserves in the area to allow commercial development to proceed. - Read more

The Cerro Corona Development Project is situated in the highest part of the Western Cordillera of the Andes in northern Peru, 1.5 km west-northwest of the village of Hualgayoc in the Department of Cajamarca centred at longitude 78° 37’ 8” W and latitude 6° 45’ 36” S. The Project is located approximately 600 km north-northeast of Lima and approximately 80 km by road north of the city of Cajamarca. Access is by paved road from Cajamarca to the Yanacocha Mine area and by infrequently maintained gravel roads from Yanacocha to the Project area. Infrastructure: The Project involves the production of gold and copper by conventional open pit mining extraction of a copper-gold flotation concentrate which will be trucked to the Port of Salaverry for shipment to smelters in Japan, Korea and Europe. Geology: The Cerro Corona Cu-Au deposit is a Porphyry-style mineralisation hosted by a 600-700 metres diameter sub-vertical cylindrical-shaped diorite porphyry emplaced in mid-Cretaceous limestone, marls and siliclastic rocks. Mine type and depth: One large open pit mine. - Read more

Repsol YPF has mining rights in Peru on 8 blocks: 6 exploration blocks with a net surface area of 34,933 km2 and 2 development blocks with a net surface area of 202 km2. Net oil and gas production in Peru reached 2.0 Mboe (an average of 5,416 boepd) from block 88 in the Camisea field. Net oil production was 1.3 Mboe including condensates and liquids and 3.9 Bscf of natural gas. As part of the Peru LNG project, plans for the development of the Cashiriari field in Block 88, where the San Martín field is already on stream, and of block 56 are proceeding as scheduled. - Read more