Thu, 27 Jan 2000, 12:19am EST

1/26 18:15 Peru's Oil Output Fell 9.2% in 1999, Despite Rise in Reserves By James Craig

Lima, Jan. 26 (Bloomberg) -- Peru's daily crude output declined 9.2 percent last year as new wells failed to come on stream to replace depleted ones, though proven reserves of oil had risen through the end of 1998.

Oil output fell to 105,927 barrels a day last year, said a statement from the Energy and Mines Ministry. It didn't give a figure for daily production in 1998. The drop came though proven oil reserves rose by 10 percent to 356 million barrels by the end of 1998, the latest data available, according to the ministry. ``Production was lower last year because some wells became depleted and no new ones came on stream to replace them,'' a ministry spokesman said.

The Peruvian government hopes that rising crude oil prices in recent months will spur a wave of new drilling to reduce the country's oil trade deficit, which was $305.3 million in the 12 months that ended on Oct. 30. That figure was $66 million below the gap in the prior 12 months.

Occidental Petroleum Corp. accounted for 38 percent of last year's oil output, Argentina's Pluspetrol made up 25 percent and U.S.-based Petrotech SA accounted for 13 percent and Perez Companc of Argentina made up 12 percent, the ministry said.

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-- boop (leafyspurge@hotmail.com), January 27, 2000