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Jun 15, 2017

Frontera Energy reaches deal with Amazon natives in Peru over oil field

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LIMA, PERU -- About 600 natives of Peru's Amazon region left a non-producing oil field they had occupied since April due to a land-use dispute after reaching an agreement with Canada's Frontera Energy Corporation (FEC.TO), the company said on Thursday.

The company, known as Pacific Exploration & Production before a name change earlier this week, said it had come to an agreement with the natives over payment for the use of the land, and also agreed to finance a number of community projects.

The oil field, known as Lot 192, is the largest in the country and once produced 10,000 barrels of crude per day. But production is currently suspended because the ageing pipeline serving the area was shut down early last year after suffering various spills.

Last month, Frontera and Peru's state-run oil company Petroperu said they were considering a partnership to develop the field. Frontera won a two-year concession to operate the 500,000-hectare (1,931-square-mile) lot in 2015, and the rights will be transferred to Petroperu when it expires next year.

Separately, Frontera said in a Thursday statement it plans to invest US$2.5 billion in oil and gas exploration and production in Peru. The company said it has had a presence in Peru since 2001.