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Government backs down and Petroperú will only go as a partner in Talara lots

Government backs down and Petroperú will only go as a partner in Talara lots

Finally, and contrary to all previous announcements by the Ministry of Energy and Mines (Minem), Perupetro opted for only a partial participation of Petroperú in the Talara lots, where the state company will only have to arrive as an “economic partner” of some private operator that assumes risk investments in exploration.

In the decentralized session of the Congressional Energy and Mines Commission, held in the city of Ucayali, the head of the agency, Isabel Tafur, pointed out that the oil company does not meet the necessary requirements to recover its lots as an operator per se, although he said he hopes that “over time” -and at the cost of a contract that could be a minority- he will do so.

The lots under discussion are I (this will once again be handed over to the state company under temporary administration), VI and Z-2B, whose contracts were about to expire and which, according to Minister Oscar Vera, were going to be 100% operated. for Petroperu. This, without counting X, the largest in the basin and which was to be reverted to the Peruvian State in June 2024. “According to Law No. 30130, Petroperú is empowered to carry out investment activities and projects, as long as they do not generate firm or contingent liabilities to the company, and this activity [su ingreso como socio económico a Talara] wouldn’t be generating these liabilities,” Tafur said.

The announcement, also contained in Legislative Decree 1292, which states that Petroperú may participate as a partner “whether or not as an operator” in exploration and exploitation of hydrocarbons, convinces the new administration of the state company.

“The modality that Perupetro is contemplating -given that Petroperu does not operate directly, and according to the law we could not do so today- is that we are going to go with partners in these blocks so that they invest the money, especially in deep areas,” said the head of its board of directors, Pedro Chira.

Government seeks Petroperu to operate lots in Talara.  Photo: Composition LR.

Government seeks Petroperu to operate lots in Talara. Photo: Composition LR.

sacramental oils

Perupetro’s bet is that Petroperú has a “percentage during the first years” in Block VI, subject to subsequent economic evaluations. In Block Z-2B, which will be renamed Z-39, a private counterpart will necessarily be sought to ensure investments in its own offshore platforms.

Aurelio Ochoa Alencastre, a specialist in energy issues, warns that, even when the State “breaks its commitments with a 49% or 50% stake in Talara”, it is finally, by law, the partners who will define their roles when operating the more than 8,000 barrels per day (bpd) at stake. “Abroad, these doubts discourage investments in hydrocarbons, and we end up affecting especially the lots in the jungle. Everything that Perupetro did in Houston to promote us as a destination falls apart,” he said.

Hydrocarbons horizon points to batches and refineries

Perupetro will launch this Thursday the 18th the tender for lots V and VII of Talara. Petroperú revealed that Block 8 (6,000 bpd) “will be reactivated shortly” by Perupetro. This deposit would allow the Iquitos Refinery to work at full capacity.

Petroperú ruled out a new contribution of US$277 million through the National bank, as had been speculated. Instead, he clarified that it is part of a credit line of more than US$500 million, recently renewed, that he has been managing for years as a guarantee to sustain crude oil imports.

Petroperú is looking for private partners to operate the Pucallpa Refinery again.

reactions

Isabel Tafur Marín, president of Perupetro

“The work programs in the contracts are designed for the requirements of each area or lot, thus guaranteeing the maximum efficient recovery.”

Pedro Chira Fernández, President of Petroperú

“The idea is to have larger reserves and maintain or increase production. Petroperú does not operate directly and, according to the law, we cannot operate today.”

Source: Larepublica

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