TN PETRÓLEO

Burlington Resources Peru Ltd. will invest an initial $36 million exploring block 129 in Peru`s northern jungle region, company general manager Stephen Gast told government news agency Andina.

Burlington, a unit of ConocoPhillips (COP), formally signed the contract for block 129 Thursday. The company is also exploring three other blocks in Peru.

According to Gast, Burlington is committed to investing $130 million in oil exploration in Peru.

The official also said that a team of geologists from Burlington is currently evaluating other blocks in Peru.

He did not rule out, for example, that it could bid for some of the 19 oil and gas blocks that state licensing firm Perupetro is currently promoting.

The 19 blocks are located in different parts of Peru. According to Perupetro, so far 37 companies have expressed interest in bidding.