Newspaper article THE JOURNAL RECORD

Peru Ponders Jungle Development

Newspaper article THE JOURNAL RECORD

Peru Ponders Jungle Development

Article excerpt

LIMA, Peru (Bloomberg) -- The Peruvian government is considering a request from the Royal Dutch/Shell Group and Mobil for more time to decide whether to develop the $3 billion Camisea natural gas field in the Peruvian jungle.

State oil company Perupetro is studying Shell's request. Perupetro has asked the companies for more information to justify the delay. Shell and Mobil warned in recent weeks that they might seek up to a six-month extension on notifying the government of their intentions regarding the development, which would be the largest foreign investment ever in Peru. The companies said they need more time to assess the Camisea gas fields before deciding whether the project is viable. Production could still start by 2001, as earlier planned.

Under the terms of a contract signed two years ago, Shell and Mobil have until May 16 to make a final decision on Camisea. Changes to this deadline were to be presented one month before this date, which was Thursday. …

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