Hydrocarbon Exploration Peru owns oil and gas block 183 in the Marañon Basin, onshore Peru.
UOGG chief executive Guzman Fernandez said: "This acquisition forms part of our strategy to incorporate further high quality exploration assets in Latin America, capitalizing on low prices and adding to our existing portfolio in Peru, Uruguay and Paraguay."
The 396,826ha Block 183 is estimated to have about 2.2 trillion cubic feet (tcf) recoverable potential gas reserves and potential C5 condensates. It has two oil and gas prospects in anticlines associated with the Sarayaquillo sandstones, including Chipurana and Alfaro.
The block is located next to two oil fields and one gas field in adjacent blocks.
UOGG’s parent company Union Group is working 1GW hydropower projects in Peru.
