LONDON, May 26, 2015 /PRNewswire/ --
Union Oil and Gas Group ("UOGG"), a subsidiary of Union Group, a privately held company that invests in natural resources and infrastructure in Latin America, has acquired control of 80 per cent of Hydrocarbon Exploration Peru Ltd ("HEPL"), a UK company which owns 100% of Peruvian onshore oil and gas Block 183 in the Marañon Basin.
UOGG now has the principal role in all technical decisions regarding HEPL, a qualified exploration and production company that is recognised by the Peruvian authority Perupetro, and its asset Block 183.
The Block contains up to 2.2 TCF of whole recoverable potential gas reserves and a high probability of C5 condensates. It has two oil and gas prospects in anticlines associated with the Sarayaquillo sandstones (Chipurana and Alfaro) located in the Marañón Basin, which has produced oil and gas since the 1940s, close to the border of the Ucayali Basin.
The block covers 396,826 hectares, has good transport connections and is located next to two oil fields and one gas field in adjacent blocks.
"This acquisition forms part of our strategy to incorporate further high quality exploration assets in Latin America, capitalising on low prices and adding to our existing portfolio in Peru, Uruguay and Paraguay," said Guzman Fernandez, CEO, Union Oil and Gas Group.
In Peru, Union Group is also developing a hydropower portfolio of close to 1,000 MW of combined capacity. Across Latin America, it operates in a range of sectors, including agriculture, infrastructure, energy, renewables, oil & gas, minerals, real estate and transport.
It counts among its investors some of the largest and most sophisticated institutions in North America, Europe and Asia, including Dundee Corporation, which owns a 40 per cent stake of Union Group.
Notes to editors
About Union Group:
Union Group is a privately owned investment holding company specialised in natural resources and infrastructure investments in high growth, underinvested Latin American countries such as Uruguay, Paraguay, Peru and Columbia. Union Group holds significant strategic business interests in agriculture, infrastructure and logistics, minerals, oil and gas, power generation, and counts among its investors some of the largest and most sophisticated institutions in North America, Europe and Asia.
For further information, please contact:
Dragon Associates (on behalf of Union Group)
SOURCE Union Group (www.uniongrp.com)