While the Perupetro agency was advancing with the private bidding process for lots V and VII of Talara, Petroperu presented its letter of interest to operate 100% and through direct negotiation blocks I, VI and Z-69 (an extension of Block Z-2B), whose joint production is around 8,000 barrels of oil per day (bpd).
The documentation arrived the first days of last week. Sources from the sector pointed out that it is essential to continue with the reversal process defined by the Executive so that the ongoing production of these batches is not paralyzed. According to the schedule, the agency will have until the end of July to make its decision.
What comes next for this process? Perupetro’s board of directors will approve a negotiation baseline and will request the corresponding documentation from Petroperú on this agreement in order to qualify it. Once qualification is complete, will proceed with the contract negotiation stage.
It should be noted that, in a previous interview with La República, the president of PerupetroIsabel Tafur Marín, highlighted that Petroperu does qualify as an economic subject —based on its residual net worth of US$1.9 billion— to operate 100% of the northwestern fields, but it must be accompanied by a comprehensive oil services company.
For its part, Petroperú has in mind to enter as the sole owner of the lots and, during the first months of operation, “define which ones will require a partner.” This new formula to strengthen the company, the only counterweight to fuel prices in the domestic market, responds to a political decision sealed with the commitment of President Dina Boluarte, the oil company said.
The Race for Lot X
The Ministry of Energy and Mines (Minem) closely follows these negotiations. In an exclusive dialogue with this outlet, Minister Oscar Vera explained this week that Petroperú will also enter the Lot X (10,000 bpd), the largest in the basin. According to Perupetro, the guidelines for this other reversal process will begin in September.
Lot x. The most important in the Talara basin must have Petroperú as operator, in the opinion of various specialists. Photo: diffusion
“Lot X is the one with the highest production in Talara and, in fact, it is a business in progress that is self-sustaining with the volume of crude oil it produces. The investments it requires are made from there. Petroperú will not enter with any partnerwhat it will do is hire services,” Vera stressed.
A correct decision in the opinion of economist Oleg Valladares, a professor at UNMSM, who maintains that the profitability of lots V and VIIalready tendered for Petromont and Olympic, respectively, was low against its peers I, VI and Z-69.
In this sense, the specialist refers that Petroperú will obtain a positive cash flow “the day after it enters” to exploit crude oil in those fields.
“Perupetro can award the lots through direct negotiation or bidding. It happened before with Block 8 (Petrotal) and Block 56 (Hunt Oil), and it is a prerogative that it has,” he clarifies.
Talara and a reversal horizon
To access direct negotiation, Petroperú had to make its intentions official through a letter of interest addressed to Perupetro.
The contracts of the lots VI (Sapet) and Z-2B (Savia) conclude on October 21 and November 15, respectively. Meanwhile, the temporary contract for Block I will be renewed for two more years in favor of Petroperú.
Perupetro has guaranteed that it will maintain or improve the royalty scheme of the new contracts of talaraand that includes Petroperú.
The new Block Z-69 is a proposed extension of the Lot Z-2Bwhich will include new offshore areas for exploratory activity.
The word
Oscar Vera Gargurevich, Minister of Energy and Mines
“The batches must go to Petroperú and the way to manage them will be under the scheme that the company establishes. It is a position of this Government to choose the lots that go to the company of the State”.
The numbers
2,800 barrels per day produced Block VI in 2022, according to official figures from Perupetro.
5,307 barrels granted, for its part, Lot Z-2B. In 2013 it reached 13,000 bpd.
Source: Larepublica
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