October 5, 2012 / 1:36 PM / 5 years ago

UPDATE 1-ConocoPhillips opts out of exploration in two Peru blocks

2 Min Read

* Opts out of exploration in two Peru blocks
    * Conoco's 45 pct stake to go to Gran Tierra Energy Peru SRL
    * Decision part of strategic plan to optimize asset

    Oct 5 (Reuters) - ConocoPhillips has decided not to
further explore two blocks in Peru as part of the U.S. oil
company's strategic plan to reduce non-core overseas assets.
    ConocoPhillips' 45 percent interest in Blocks 123 and 129,
in the Maranon Basin, will be transferred to Gran Tierra Energy
Peru SRL, along with the operation of the blocks subject to
government approvals, the company said on Friday.
    "After careful consideration, we reached this decision as
part of the company's broader strategic effort to re-evaluate
our investments and asset portfolio since becoming an
independent E&P company," said Larry Archibald, senior vice
president of exploration. 
    "It was a difficult decision to leave these blocks where we
have worked so closely with communities and demonstrated our
ability to work responsibly in an environmentally sensitive
area," he said.
    Houston-based ConocoPhillips, which recently completed two
rounds of seismic exploration activities in Blocks 123 and 129,
is currently engaged in a program to reduce non-core overseas
assets. It has already exceeded its target of asset sales worth
$20 billion by the end of 2012.
    ConocoPhillips' stock rose 30 cents to $57.70 in Friday
morning trading on the New York Stock Exchange.

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