Perupetro expects to double oil production by 2026

Perupetro aims to double national oil production in the next three years, in addition to increase it by 11% at the end of 2023.

Our country produced 40,616 barrels per day (bpd) of crude oil in 2022 and, of this total, 58.4% came from the Talara basin, and 39.1% from the Marañón.

In order to raise these meager figures that maintain us as a market that is a net importer of fuels, Perupetro plans to start up five new batches with a total capacity of 39,200 bpd in the next three years, without taking into account the possible increase in production in Talara under of a total or partial participation of Petroperú here.

Also not included is the probable entry into operation of possible discoveries on exploration blocks Z-61, Z-62 and Z-63, which today they prepare their first exercise drilling under the management of the multinational Anadarkooff the coast of La Libertad.

According to the Ministry of Energy and Mines (Minem), Anadarko’s offshore exploitation could increase the national oil production by up to 200,000 bpd, that is, almost double it.

Meanwhile, the aforementioned six lots are all in the jungle.

The jungle is the way

This is Block 8 (6,500 bpd), to be reactivated, possibly, by Petrotal in the second semester of 2023; Block 192 (11,000 bpd), which should re-enter commercial operation in 2024 with mixed capital; blocks 67 (13,000 bpd) and 39 (700 bpd) of Perenco, to be reactivated in 2024 and 2026, respectively, despite the fact that a new indigenous reservation would force the company to leave the country; and Block 64 (8,000 bpd), where Petroperú has 100% of the operation, but lacks a partner to exploit it in 2026.

With this, it would round the figure of 45,024 bpd at the end of 2023, and 83,954 bpd by 2026.

However, a reduction is considered again towards 76,521 bpd in 2027, which would be associated with the end of the four-year temporary contract of the lot 8. However, the implementation of the Libertad platforms would change the outlook in the long term. It should be noted that national demand is almost 250,000 bpd, so in the best of cases, in 2026 only up to 30% of it should be produced locally.

sharp horizons

Currently, in Peru they cohabit 25 exploitation contracts (11 onshore, 3 offshore, 11 in the jungle) and 6 exploration (2 onshore, 3 offshore, 1 in the jungle). Likewise, there are proven and probable reserves (2P) for 396.3 MMSTB (millions of barrels of oil inspected at standard conditions) with an autonomy index for 13.6 years. Talara occupies 40%, and the other 60%, the Marañón.

Regarding contingent resources —where it is known that there is oil, but it is not known how to extract it, or what to do with it—, there are today 551.4 MMSTB with an autonomy index for 27 years, with a participation of the forest that covers 85%, leaving behind the northwest (13%) and the Tumbes deposits (2%), according to numbers of Perupetro.

Perupetro forecasts for crude oil production

The increase to 11% of oil production in 2023 It is not only contingent on the re-entry of Block 8, but also on companies whose contracts expire (for example, CNPC in Block X) maintaining their average production for 2022. However, Perupetro has recognized that there is a decline in the northwest, precisely, because of his next output.

Petroperú has indicated that its participation in the northwest blocks will allow it to maximize the processing of crude oil at the New Talara Refinery (NRT) and reduce its import, “favorably impacting fuel prices”.

Perupetro also has on the radar new investments in drilling and/or workover activity in lots II, III, IV, IX, XIII, XV, 131, 64, 39, 67 and 95. The northern jungle concentrates most of them.