Isabel Tafur Marín: “Petroperú qualifies the Talara lots with the current regulations”

The agency promoting investment in the hydrocarbons subsector proposes a resurgence of the country’s oil production, among which is considered Block 8, Block 192 and blocks of talarawhere Petroperú does qualify and could enter as an operator, clarifies Isabel Tafur, head of Perupetro.

—What was the competition factor for the best proposal to be considered for Petrotal in Block 8 of the jungle?

Two oil companies: Cheiron and Upland showed interest in negotiating a temporary contract for the lot, but, in order to carry out a transparent process and not a direct negotiation, three more companies were invited: Cepsa, Petrotal and Perenco. The opening of proposals was on May 22 and three companies presented themselves at the public event, and the proposal for Petrotalwhich consisted of 20 reconditioning jobs, was declared the winner.

-What’s next in the process?

The proposals presented by the companies do not imply the award to any of them. It is necessary and essential that the bidder is previously qualified by Perupetro. The qualification period expires next Friday, June 23. Petrotal has not been awarded any good pro. If the qualification passes, the contract will be signed. If it does not pass, it goes to the second best offer, which is Upland, and if it does not pass, we go to Cheiron. To the date, Petrotal has not submitted qualification documents.

—Why is Altamesa’s qualification delay for its eventual entry with Petroperú to Block 192?

There is a lack of economic information that Perupetro has requested from Altamesa, the clarification of the financial solvency report is missing. What the regulation says is that we rate the company at this time based on the work program, and, at this time, if the work program says that it is US$300 million, at this time you have to have that US $300 million.

“Is this still unproven?”

high table to date it is not presenting this financial solvency report that guarantees that. We are waiting for you to present us with the documentation that supports that you have the money at this time to take over the activities. Today (yesterday) they have a meeting to clarify that issue. The regulation establishes 30 days to deliver information and a few additional days to establish complementary information. If this week they possibly do not present the documentation, I, Perupetro, can declare inadmissibility, according to the deadlines of the regulation.

—Whether Altamesa or another company is qualified to be Petroperú’s partner in Block 192, does this improve the exposure of the state company in the face of future qualifications?

Of course he does because he is gaining more experience. With that he already begins to have technical experience. One of the points that the regulation says to take into account is to have well drilling and production. So, Petroperú will participate in a production of approximately 10,000 barrels per day and can qualify for any lot in the northwest. Over time, it will acquire the technical capacity to be able to operate a lot in the Northwest.

—Without this technical capacity, could Petroperú be qualified in contracts to expire just around the corner?

Over there Petroperu qualifies with the current regulations because they would participate as a qualified subject. There is a caveat. We consider qualified subjects to be those who meet the technical, economic and legal conditions. The exception for Petroperú, which is stated in the same regulation, is as an economic subject because its financial statements, its residual net worth, say that it has US$1.9 billion to be able to assume the economic part, and in the technical part it has to be associated with a company comprehensive oil services, which gives the caveat the same regulation. It is associated and with that Petroperú can be operator of the lots. This figure is from the audited financial statements as of December 31, 2021.

—To be clear, is the rating, from an economic point of view, on the residual net worth and not on the current financial state?

That’s how it is. We take the financial statements, not from the last year so as not to be too blunt, but the history of the last three years that are audited by third parties. That tells us what the financial situation is, not what Petroperú tells us, but an independent third party. That is also established in the regulations.

—It was approved in commission that Petroperú choose the lots to which it wishes to enter once the contracts are finished. What do you think?

At the moment, Petroperu buys oil in the northwest at international prices, let’s put it at US$80. Its operating costs are US$20, if royalties, income tax, etc. are included, the total cost per barrel would be US$40. Then, it would stop spending $40 to pay the other companies from which it buys oil at market price. With a production of 17,000 barrels, that means about $230 million a year that he would stop spending. If Petroperú begins to operate the lots, you will have immediate cash flow because the batch is in production. I believe that this crude oil is necessary for the refinery at this time and, if we see figures, I believe that it is convenient for the country.