Pluspetrol to invest $600 mln in Peru exploration

AREQUIPA, Peru Nov 21 (Reuters) - Argentina's Pluspetrol said on Saturday it will spend some $600 million over the next four years on its natural gas exploration projects in Peru.

The projects are expected to be in lots 56 and 88, which are part of the massive Camisea gas field.

Previously, the Camisea consortium, which Pluspetrol controls, had said it has some 14.1 trillion cubic feet (399.3 billion cubic metres) of proven gas reserves that would last through 2047.

But a recent study by an independent energy consulting firm estimated a more modest 8.79 tcf.

Pluspetrol said earlier this month, however, it would revise its reserves estimate, and that the new number would likely be somewhere between the competing forecasts.

The debate over how much natural gas there is in Peru has put pressure on President Alan Garcia to guarantee domestic gas supplies. Critics say planned export of the fuel could lead to shortages at a time local demand for gas is skyrocketing.

Daniel Guerra, head of institutional relations at Pluspetrol, said the $600 million would go toward drilling up to 11 explorations wells.

He spoke to reporters in the southern city of Arequipa, which is hosting a business summit this week. (Reporting by Marco Aquino; Writing by Dana Ford, Editing by Sandra Maler)