Technical Evaluation Agreements
Within the framework of Article 6 (b) and Article 8 of the Organic Law of Hydrocarbons, Law No. 26221, the Technical Evaluation Agreements are subscribed by PERUPETRO with natural or legal entities, national or foreign, or association, Joint Venture or similar composition of two or more natural or legal entities interested in participating jointly (hereinafter, "the Interested Party), to carry out activities aimed at increasing the knowledge of the Agreement Area and, in turn, evaluate its hydrocarbon potential and the areas with greater prospective interest.
For the Technical Evaluation Agreement, the Interested Parties may carry out studies, works, and activities using geodetic, bathymetric, cartographic, photogeological, geological, geochemical, geophysical, remote sensing, onshore or offshore sampling, and surface prospecting activities, among others. Also, reevaluation, reprocessing and/or improvement of 2D and 3D seismic, geological-geophysical interpretation of the existing information in the Data Bank.
The term of the Technical Evaluation Agreement is up to twenty-four (24) months, which may be extended up to a maximum of thirty-six (36) months in total.
Under the Technical Evaluation Agreement, if it complies with its commitments, the Stakeholders may exercise the Right of First Option for the negotiation and subscription of a Contract.