- Peru-focused oil company PetroTal said it had upped its reserves estimates by about a fifth.

Proven, or 1P, reserves in the year through December had increased 20% to 21.5m barrels.

Proven plus probable, or 2P, reserves climbed 21% to 47.7m barrels.

'Following the company's successful drilling campaign in 2019, we are very pleased to see a meaningful upgrade of reserves in the 1P and 2P categories,' chief executive Manolo Zuniga said.

'We look forward to achieving further growth in 2020, with new oil wells and increases in recovery factor.'

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