ConocoPhillips Calls Off Exploration In 2 Peruvian Blocks

Law360, New York (October 5, 2012, 4:10 PM EDT) -- ConocoPhillips has backed out of its exploration activities in two Peruvian oil blocks, it said Friday, citing a strategic restructuring plan that involves streamlining its asset portfolio and implementing a more disciplined investment program.

The company said it would transfer its 45 percent interest in Peru Blocks 123 and 129 to its partner in the Peruvian exploration program Gran Tierra Energy Peru SRL. The transfer is subject to government approvals, but ConocoPhillips said it would work with Peru's petroleum licensing agency Perupetro to expedite the transition....
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