Condor Energy has updated the Piedra Redonda gas field reserve potential, increasing the best estimate (2C) contingent resource by 147% from 404 bcf (11.4 bcm) to 1 tcf (28 bcm) of gas and the high estimate (3C) by 513% to 2.65 tcf (75 bcm) of gas. This comes after receiving an independent report by the international resource auditing firm RISC Advisory (RISC).
The upgrade positions the gas field as one of the largest undeveloped offshore gas discoveries on the west coast of South America. Condor Energy has completed a resource review, 3D seismic reprocessing, updated mapping, petrophysical review, and integrated geological interpretation, as well as it is currently considering hiring an independent auditor to review and certify the resources of oil prospects in high quality.
The Piedra Redonda gas field is located within Condor’s (80% holder) 4,858 km2 oil and gas Tumbes Technical Evaluation Agreement LXXXVI (TEA or block) offshore Peru. At the end of 2023, Peru had proven gas reserves of 237 bcm.