In early 2019 the Peruvian government approved an interest transfer on the 792 sq km Block 39 Contract in the Maranon Basin. India's Reliance Exploration ceded its 10% in the license back to the French operating company Perenco. Perenco will now have 65% of the license while partner Petrovietnam retains a 35% share. The deal will be complete once signed by Perupetro. The interest was the only upstream holding of Reliance in Peru and the company did not disclose why it was letting it go although it has been recently focused on hydrocarbon production in India. Reliance entered the block in 2009. The deal has been pending approval since July 2017. In its annual report for 2016-2017, Reliance first announced it was withdrawing from its 10% interest in Block 39. Reliance once had interests in four blocks in Peru. With an effective date of 6 May 2016, Perenco relinquished almost 90% of Block 39. This was the oldest exploration block in Peru having been awarded in 1999. The exploration acreage is expired and was relinquished but areas were retained around the Buena Vista and Raya discoveries on the block. In August 2014, Repsol completed the divestment of its 55% stake to Perenco in Block 39. Block 39 is a top block in Peru for probable oil reserves with 274 MMbo but no proven reserves, as commerciality has not been declared yet. Previously, Repsol acquired some seismic on Block 39 covering the Raya structure, the largest discovery on Block 39, which is prone to heavy oil. In August 2017, Perenco filed a request with PeruPetro to unite blocks 67 and 39 in the Maranon Basin into one license. Block 67 was once an enclave within Block 39. Perenco may or may not declare commerciality on Block 39 and develop the heavy oil block. This could be a bellwether decision for the future of the hydrocarbon industry in Peru and the Northern Maranon region. In March 2015, Perenco received government approval for an environmental impact assessment (EIA) to acquire 108 sq km of 3D seismic on Block 39. The survey will be focused on the area to the east of the Block 67 in the Dorado Este and Pirana Sureste Field areas. 
Reliance is reportedly selling its 10% in block 39, 792 sq km in the, to partner Perenco, who thus boosts to 65% with Petrovietnam partnering on 35%. Reliance farmed-in to the 2-block licence in 2009, and it is the companyâs sole asset in Peru.