The Camisea Consortium, led by Argentina-based Pluspetrol, will invest $500 million to explore and develop natural gas blocks in central Peru.
The investment will take place during the next two years, Reuters said Monday.
The Camisea Consortium manages onshore blocks 88 and 56, adjacent permits in the Cusco region of central Peru.
The blocks span 350,600 acres (142,000 hectares).
Block 88 currently has a production capacity of 1.6 billion cubic feet per day.
In 2013, Pluspetrol reported Camisea’s proven reserves at 13.1 trillion cubic feet of natural gas.
Reserves are estimated to last for 20 to 30 years.
The consortium signed an agreement with the Peruvian government in 2012 allowing gas from block 88 to be used for domestic supply.
Block 56 is allocated for export.
Spain-based Repsol, Texas-based Hunt Oil, South Korea-based SK Innovation, Algerian-based Sonatrach and Argentina-based Tecpetrol are also partners in the Camisea Consortium.
The consortium has invested more than $1.2 billion in project.
