Financial crisis does not prevent Petroperú from assuming lots of Talara

These are key days to define the future of the fuel market. On the one hand, the Government of Dina Boluarte encourages the perpetuation of private companies in the Talara lots and seeks that Petroperú participate in a minority, while in plenary an opinion that strengthens the state company and empowers it to assume these operations is about to be debated. together with a strategic partner.

Not touching the status quo?

Among the main arguments of the legislators who reject Petroperú is its recent financial crisis and indebtedness for the New Talara Refinery, added to the fact that “it has no experience in exploration.”

Carlos Vives Suarezformer president of Petroperú, comments that the lack of liquidity does not affect what you can do in the Talara depositssince there is no risk of continuing to exploit the same crude oil that the private companies inherited —from the state company— 30 years ago.

In that period, production fell on average from 127,000 barrels per day (bpd) to 40,000 bpd, according to the Ministry of Energy and Mines (Minem).

“There is talk that Petroperú is not going to invest in those lots because it does not have money, but the current operators are financed with the production that goes out every day without greater risk of proven reserves. Let no one say that private companies reach into their pockets, ”he told La República.

Vives recalled that in three decades hardly one exploratory well was registered in Block X, the most representative of Talara, added to the fact that none of the firms, such as CNPC either Sapis dedicated to drilling.

Thus, Petroperú could also finance its operations in the Talara blocks whose contracts will expire this year with proven reserves. “But a lot of people don’t want to and I wondered why,” he added.

However, Vives regretted that Dina Boluarte and the head of Minem, Óscar Vera, have backed down and are carried away by “a current” that responds to private interests by reducing their participation from 100% to 40% in the lots despite that “the numbers are there” and it is not true that there is no technical or economic quality in Petroperú.

NRT, the key piece

With the New Talara Refinery and the lots, Petroperú will obtain better refining margins —over US$20 per barrel—, which are currently being used by private companies, added Vives.

Fitch Ratings and Support recently pointed out that the NRT is essential to end the financial crisis in the state.

Why do we pay a higher price?

Despite the proximity between the lots and the refinery, the oil is purchased by Petroperú at international prices: a barrel that is produced at US$30 on average costs US$80 because we are a country that produces 40,000 barrels, including those from the jungle, for a demand of more than 250,000 bpd.