Block Z-34 in Peru to be released, announces Baron Oil
A unanimous decision was made to release Block Z-34, offshore Peru, which had been under Force Majeure since 2014, independent oil and gas company Baron Oil said.
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The decision was made by the parties who are entitled to vote on the block, also referred to as the Block Z-34 partners, at an Operating Committee Meeting in Lima on 9 November 2017.
As a result of the decision, if they agreed to do so the partners could now also request that the $3.6m work programme guarantee bond be released.
Baron believed it could recover a substantial portion of the bond, free of tax.