Condor Energy Advances to Exploration Contract After Technical Studies Identify 3.4 Billion Barrels Potential in Peru’s Tumbes Offshore Basin

Perupetro confirmed receipt of Condor Energy’s formal application to convert Technical Evaluation Agreement 86 into a hydrocarbon exploration and exploitation license for the Tumbes offshore block. The request follows completion of the technical study period, during which the Australian operator conducted seismic analysis and geological evaluations that identified more than 20 hydrocarbon-bearing zones across the block. The state agency indicated the submitted documentation meets requirements to initiate the regulatory process for drilling authorization.

The Tumbes-Progreso basin, located on Peru’s northwestern continental shelf at depths ranging from 50 to 1,500 meters, represents one of the country’s most promising yet underexplored areas. Perupetro’s geological studies indicate a 30 percent success probability for commercial hydrocarbon discoveries, exceeding regional averages. The basin’s Zorritos Formation has been identified as the primary geological unit capable of accumulating hydrocarbons, containing sandstone bodies similar to those currently producing in nearby fields including Albacora and Corvina.

Technical evaluations completed between 2023 and 2026 mapped 50 exploratory structures across TEA 86, including six named prospects: Bonito, Caballa, Raya, Raya West, Salmon, and Tiburon. The block contains the already-discovered Piedra Redonda gas field in shallow waters, where production could begin approximately four years following license approval. Studies estimate petroleum deposits would range between 28 and 30 degrees API, indicating light, commercially attractive crude.

Condor Energy consolidated full ownership of TEA 86 after acquiring the 20 percent stake previously held by U.S.-based Jaguar Exploration through a performance share transaction. The consolidation occurred before submitting the license conversion request, with share conversion contingent on Perupetro’s final decision.

Peru currently maintains five active exploration contracts representing approximately 2.676 billion barrels of prospective oil and 800 billion cubic feet of gas. An additional 16 technical evaluation agreements, concentrated in the northern coast and jungle regions, hold an estimated 11.7 billion barrels of prospective petroleum and 7.8 trillion cubic feet of gas. The country’s 18 sedimentary basins remain largely unexplored, with only five having produced hydrocarbons. Current proven reserves provide an estimated 15-year supply, underscoring the urgency for new reserve incorporation according to Perupetro technical management.