Lot X, The most important for its production and reserves in northwestern Peru, will return to Petroperú in 2024, after 30 years of being privatized. Previously operated by Pérez Companc, the Brazilian Petrobrás and today in the hands of the Chinese state company CPNC, this operation had an average production of 11,369 barrels per day (bpd) in 2022, approximately 50% of the production of this basin.
For this reason, the Ministry of Energy and Mines (Minem) and Perupetro announced that they are working on the guidelines so that Block X, whose contract ends in May 2024, reverts to the Peruvian State. Before this operation, the state company will enter blocks I, VI and Z-2B, since their contracts expire this year, according to what the Government reported the day before.
“Three lots with contracts that are about to end are going to Petroperú, for now. The best lots are those destined for Petroperú. Perupetro and Minem are working very hand in hand”, indicated the president of Perupetro, Isabel Tafur, during the decentralized session of the Energy and Mines Commission of Congress, held in Piura.
Immediately afterwards, he reconfirmed that the historic Lot X, with a development that dates back to 1910, will also be for Petroperú, as provided by the Executive. These words generated loud clapping and shouts of joy among the attendees, who see in this act a claim not only against Petroperú, but also against the oil capital: Talara.
“We are working on that. [El acuerdo] we will have it until, more or less, September or October, because that contract expires between May and June of next year. Tafur Marín affirmed.
The relevance of Lot X
In terms of Bookings proven (developed and undeveloped), Block X holds more than 49.3 million barrels. 5,634 wells have been drilled, as of December 2018, over an area of 469.52 square kilometers, according to the Hydrocarbon Reserve Book for 2021.
“I am pleased to have heard from the vice minister (Enrique Bisetti) and the president of Perupetro about the lots that will go to Petroperú. Minem and Perupetro are working and we are going to be very expectant that Block X, especially Block X, also be reintegrated to Petroperú, as it was before,” said Carlos Vives Suárez, Chairman of the Board of Petroperú.
However, the task will not be easy, since the restructuring and strengthening of the State company’s Exploration and Production Management is pending, says the engineer Alexei Huerta, ex-manager of this department.
He explained that, given the size of Block X, due to its production volumes, reserves and size of the field, strengthening the working capital of this management will be key for Petroperú to enter on the right foot and firmly in the operation.
“Here there has to be a transfer of field management, from the current operator in Block X to Petroperú, and the sooner the better. First It must be ensured that production reaches adequate levels, Review the status of assets and inventory verification. For all this, it is necessary to hire the personnel in charge of the operation, which for Petroperú requires a few months in the processes of selection and incorporation of personnel, ”he noted.
Vegetable garden He added that, in a next stage, it is very convenient to incorporate a partner to share the risk in development investments: well drilling, enhanced recovery projects and technological innovation, necessary to produce undeveloped reserves.
“Today Petroperú repurchases the crude oil that was its own”
According to the researcher from the Universidad Nacional Mayor de San Marcos (UNMSM), Jorge Manco Zaconetti, if the production of Lot X is valued from 1997 to 2021, at international prices each year, the 114 million barrels extracted represent estimated US$6.83 billion in oil and natural gas sales revenue.
“This, which has meant income and profits for the operating companies of said lot, has represented expenses that are charged to the cost of sales as purchases from Petroperú, since the Talara refinery is supplied with this quality oil. That is to say, Petroperu repurchases the crude that previously belonged to it by paying international prices”, questioned the expert.
The word
Carlos Vives, President of Petroperu
“The Ministry of Energy and Mines and Perupetro They are working and we are going to be very expectant that Block X, especially Block X, is also reintegrated into Petroperú, as it was before”.
Exploitation phase – MSTB
Source: Larepublica
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