TN PETRÓLEO

Petroleo Brasileiro SA (PBR), or Petrobras, plans to invest $70 million in Block-X in Peru this year, a company official told government news agency Andina.

The bulk of the money will be used to drill 103 wells to increase production on the mature field, Operations Manager Ricardo Martinez was quoted as saying.

Block-X, located in northern Peru, first began producing in 1914.

The field currently produces around 13,000 barrels of oil a day. In April, for example, it produced 13,331 b/d.

Petrobras officials have said that the aim is to hike production to around 15,000 or 16,000 b/d.

Martinez also said late Sunday that Petrobras is moving ahead with work on block 58 in Peru`s southeastern jungle.

The company is currently interpreting seismic data and could begin drilling the first well in the first quarter of 2008, he said.

The block lies near Peru`s Camisea natural gas fields and is thought to be gas prone.

Finally, Martinez said that drilling on block 57, which is also located near Camisea, will begin shortly.

Petrobras has a stake in block 57 that is operated by Repsol-YPF SA (REP).