Petrotal will take over Lot 8 of Loreto

Petrotal will take over Lot 8 in Loreto and negotiations are well advanced. The Republic knew that Perupetro made a contest by indication in which three companies participated. It was organized in record time and behind closed doors during the administration of Isabel Tafur and her technical team, with the aim of quickly reactivating the paralyzed fields in April 2020.

A source explained that Perupetro has the power to sit down to negotiate with the companies or to make tenders by appointment with the companies that they consider meet the suitability of the goals of the contracts. That is, instead of making a call, they choose companies and offer them the project based on internal guidelines.

“Petrotal was very interested for a long time. Currently, he operates Block 95, which is in Brittany, in the southern part of Loreto, within the margin of the Marañón River. But upstream, in the direction of Iquitos, there is Lot 8,” said another source.

After this first stage of the tender, which is the qualification evaluation part (because each company qualifies for each lot), Perupetro and Petrotal are now carrying out the qualification process and will then sit down to negotiate details of the contract.

“In the bases, a referential royalty table was set that has served to present the offers, and is similar to what is being applied to the northwest, in the order of 20 to 21%. From there you add the Social Inclusion Fund that had initially been set at 5%, but it will surely be reduced ”, he indicated.

In a first stage, it is expected to extract 6,000 barrels per day (bpd) and then it could reach 7,000 bpd. Added to the 20,000 bpd that it already exploits in Block 95, “Petrotal would have a good business going.”

However, it is also important for the boom in the business that the transit of the North Peruvian Pipeline (ONP), owned by Petroperú, be fully reactivated, otherwise the transfer of barrels would be done by barge. Petrotal would have already contemplated this scenario.

“They don’t announce it because the final details of the qualification are yet to be finalized, but it is already well advanced. It is a fact that he is going to assume it ”, he recounted.

The trial of Block 8 with Pluspetrol Norte

Block 8 had a problem with Pluspetrol Norte (PPN), which decided to withdraw its operation early, leaving unremedied liabilities. The Peruvian State took him to international trial, but lost in February of this year.

“What Perupetro loses is in the arbitration award, due to the termination of the contract. The person who wanted to terminate the contract in advance was PPN, they wanted to terminate the contract in advance to stop the activity and since Perupetro did not accept, they placed a precautionary measure that forced PPN to keep operations dormant until they can be reactivated,” said the source.

However, with the award they would give PPN the option of being able to leave the lot, but it does not exempt it from its responsibility. In this case, Petrotal will not inherit any liabilities and that “will have to define it well with Perupetro.”

“PPN is going to have to take charge of the liabilities, since it is the responsibility of every contractor -because their contract ended in August 2024-, most likely it is that when Petrotal is operating, if the contract is finalized, PPN will be working in its abandonment and remediation plan,” he said.

Petroperú outside of Block 8

Contrary to what was speculated at some point, Petroperú did not participate in the contest for Lot 8 called by Perupetro.

The state company was not interested in assuming the Loreto field due to “its high operating costs” and a long history of social conflict for which, apparently, Petrotal is betting, recognized as one of the most widely accepted oil companies among populations in its area of ​​influence.