Petroperú’s interest in Talara lots began in 2015

Pedro Chira Fernández, president of the Petroperú board of directors, reported yesterday that the oil company’s interest in returning to the operation of the Talara lots dates back to eight years ago, when its Corporate Strategic Plan 2015-2030 was presented, led by the international consultancy Wood Mackenzie, a recommendation that was materialized in 2018 with the sending of letters of interest.

Chira Fernandez rejected in this sense that the letters of interest from current operators seeking to continue 30 years later have arrived sooner, and clarified that the vertical integration of the company is part of its strategic objectives.

“Arthur D. Little (consultant who presented the company’s restructuring plan in July 2023) also speaks that the Talara lots, 100%, must be operated by Petroperú, and even sets objectives for the next 3 or 4 years to reach 40,000 or 50,000 barrels per day of own production,” he said in a conference.

Likewise, the petroleum engineer by profession clarified that the negotiation of lots without a public tender fully corresponds to the current qualification regulations. Proof of this is that Petroperú has taken charge of the lots I, 64 and 192 in previous processes.

“That is to say, we do not bother there, because they are lots where we have to invest risk capital, but we do do it where the market is set and Petroperú contributes the money to maintain the business,” he stated.

And it is that Petroperu It is the only buyer of oil – at an international price today of US$90 per barrel – in Talara, which it uses for its refinery. Every year, purchases of crude oil from batches I, VI and Z-69 in dispute exceed US$500 million. According to the state company, recovering these deposits would save no less than US$250 million to reinvest in increasing production.

dismantled felling

On the other hand, Petroperú denounced that part of the assets that were commissioned 30 years ago from the company that operates the batch Z-2B (Sap) They are completely deteriorated, as confirmed by an independent asset evaluation company hired recently.

“50% of assets [ver imagen] in junk condition, and the other 50%, which they continue to use, in poor to fair condition. That’s what they’re leaving us. The company has been summoned to find out its defenses, but this will definitely not be a clean slate,” Chira said.

However, the head of the oil company made it clear that this problem It will not be a major impediment so that they can operate the Talara lots again, “an ongoing business that does not require major investments for its exploitation,” as it generates immediate cash flow.

Regarding the preliminary request for a new financial contribution, Chira reiterated that the resources will serve to prevent a possible fuel shortage during the El Niño phenomenon, in addition to compensating the fund for unforeseen delays at the New Talara Refinery (NRT). If it is not granted, he said that the state company has other mechanisms to alleviate the situation.

Vertical integration in the northwest

Petroperú already has at least 10 potential partners for exploration tasks in Talara, the only risk investment in future contracts.

Isabel Tafur, president of Perupetro, explained that the Organic Law of Hydrocarbons (LOH) empowers the agency to enter into contracts after direct negotiation or call. The first of these was the one defined for Petroperú.

The state company also hopes to return to the operation of faucets. Currently, it only rents the name to private parties.

The word

Pedro Chira Fernández, president of Petroperú

“It is false that investment is going to be scared away because Petroperú returns to the lots he discovered. Private gentlemen, there are 19 of these in all of Peru, let’s look for oil elsewhere.”