An exploration consortium, including Petrobras with 35.15 percent, Repsol, the operator with 41 percent, and Burlington Resources with 23.85 percent, discovered gas in exploratory well Kinteroni X1, in Block 57, in Cuzco province.
The Kinteroni discovery is more than 13 miles long and has nearly 400 feet of liquid gas reservoirs. It's expected that about 56 billion cubic feet of gas are recoverable from the newly discovered reservoir.
"This important gas find will represent millions of dollars in income for Peru," Peruvian President Alan Garcia said. "It will enable us to be self-sufficient in fuel."
Petrobras has been seeking new sources of gas to meet a shortage of the fuel in Brazil where it is building liquefied gas import terminals.