UPDATE 2-Peru likely to start Petroperu sale in Q2 2015
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By Mitra Taj
LIMA Nov 3 (Reuters) - Peru will likely begin selling up to 49 percent of state-run energy company Petroperu on the Lima stock exchange in the second quarter of 2015, Deputy Energy Minister Edwin Quintanilla said in an interview on Monday.
The government is now studying what size of a stake it should sell on the bourse, Quintanilla said. Peru passed a law late last year allowing for the privatization of all but a controlling stake in Petroperu in a bid to modernize the 40-year-old company.
Peru had previously said the sale would start in the middle or the end of 2015.
Petroperu announced last month that it would produce oil for the first time in decades via its 25 percent stake in an oil block controlled by GeoPark Ltd.
Oil output in the Andean country is on track to rise this year for the first time after a decade of declines that bottomed out at 63,000 barrels per day in 2013, Quintanilla said.
Crude output will likely increase by about 5 percent to average between 65,000 to 70,000 bpd in all of 2014, thanks to rising production from the country's jungle blocks.
Late last year, oil production started ramping up at block 67, controlled by privately-held Perenco, as well as at block 95, operated by Gran Tierra Energy. Continued...