Lot 57, a gas field operated by Spain's Repsol, is expected to produce 85 million cubic feet per day of natural gas this year, thanks to investment of $808 million, state-owned oil company Perupetro said.
The field, also known as Kinteroni, sprawls over 287,102 hectares (708,893 acres) in Peru's southern jungle, extending into the regions of Cuzco, Ucayali and Junin.
Repsol plans to invest an estimated $592 million in the field during the 2014-2018 period, Perupetro's contract administration office said.
Natural gas liquids production is projected to rise from 5,180 barrels per day (bpd) this year to 12,000 bpd of liquids and 210 million cubic feet per day of gas in 2018, Perupetro said.
Repsol plans to conduct 2D seismic imaging studies at Lot 57 this year as part of the exploration and production plan for the field, focusing on the Mapi and Mashira areas.
The company plans to drill an exploratory well at Mashira next year and an exploratory well at Mapi in 2017.
Repsol said it had a 53.84 percent interest in Kinteroni, while Petrobras owned a 46.16 percent stake. EFE