The qualifier Moody’s considers that our country “faces a limited risk that the new administration (the Pedro Castillo government) will increase state control” of oil and gas reserves.
This after the warning of nationalization of the deposit voiced by the former Minister of the Council of Ministers, Guido Bellido, if the Camisea Consortium did not accept to renegotiate the profits in favor of the State.
The international agency maintains that there is little support from Congress for “constitutional changes that would discourage investment” in the sector, and that would affect our country’s access to the energy it requires.
“Peru’s energy, transportation, industrial and residential sectors place great demand on its oil and gas industry. Camisea produces almost all of Peru’s natural gas and natural gas liquids (NGL), so without Camisea, Peru’s own hydrocarbon production would not cover its domestic demand for refined products and natural gas, ”summarizes Moody’s, who alleges that there is political pressure to raise taxes around this project.
In addition, they explain that Camisea’s NGL production supplies almost 86% of the demand for liquefied petroleum gas (LPG) in our country for the power generation sector; and much of the production is reserved for domestic consumption, giving it a growing flow of clean energy with lower electricity costs than traditional hydrocarbon fuels, and this benefits Peru’s industrial growth and reduces its dependence of imports.
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Kingston is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
