Global Oil & Gas (ASX:GLV) reveals massive gas upside off Peru

Global Oil & Gas (ASX:GLV) reveals massive gas upside off Peru

March 18, 2024 Off By Jack Baker

Global Oil and Gas’s initial review of the Piedra Redonda gas field has revealed best estimate resources of 404 billion contingent cubic feet and 2.2 trillion cubic feet of prospective resources located entirely within its Tumbes block in offshore Peru.

Piedra Redonda is a significant asset to add to the block and will be the focus as Global’s third and final area for reprocessing 3D seismic data, aimed at refining and enhancing the gas field and to better understand its potential for commercialisation.

Global’s Technical Evaluation Agreement provides an exclusive right to negotiate a licence contract over the 4858 square kilometre covering almost all of the Tumbes Basin, surrounded by and incorporating multiple historic and producing oil and gas fields.

Global Director Scott Macmillan said the company was excited at the results and the field’s exploration upside.

“Piedra Redonda is located in shallow water within our Tumbes TEA area and will be further evaluated as part of the historical 3D seismic reprocessing exercise being undertaken by Global to mature our understanding of the play diversity and portfolio of prospects in the TEA,” he said.

“Whilst we will continue to focus on the evaluation of the oil targets identified in the initial two seismic reprocessing areas selected, the Piedra Redonda gas field offers the company a low-risk discovered gas field with significant resources and further upside within the field which will be evaluated for potential commercialisation.”

Review of historical data has revealed more than 20 areas as potential exploration targets, and Global, alongside JV partner Jaguar Exploration, will now work towards high-grade different areas where reprocessing 3D seismic data using up-to-date technology will have the greatest impact on defining historical targets.

Global believes the Peruvian TEA is immensely prospective, and that work done during its tenure has continued to put a spotlight on Tumbes as its top priority.

Please note the following valuable information before using this website. 

Independent Research 

Market Open Australia is intended to be used only for educational and informative purposes, and any information on this website should not be taken as investment advice or guidance. It is important to conduct your own research before making any investment decisions, which should be based on your own investment needs and personal circumstances. Any investment decisions based on information contained on this website should be taken in line with independent financial advice from a qualified professional or should be independently researched and verified. 

We are a boutique environment – the home of uncompromisingly high-quality brands spanning news, opinion, and interaction, priding ourselves on promoting discussion and understanding that facilitates growth. We work closely with our clients to really understand what they are trying to achieve and use best practice available to do that!

Contact info

Suite 3, 47 Havelock Street
West Perth WA 6005

Stewart Walters
Managing Director
+61 414 644 166

Amanda Ellis
Chief Content Producer
+61 438 003 868

Important links

Follow us