Talara lots would inject US$250 million annually into the State

The Executive Branch has closed ranks in favor of the economic benefits that the reversal of the oil lots VI and Z-2B of Talara through the private state company Petroperú.

A recent calculation presented by Perupetro estimates savings that would reach up to 60% in the production of each barrel of crude oil, with prices that today exceed US$90 in the international market, without affecting the royalty and tax scheme that is currently collected.

In this regard, the president of the Council of Ministers, Alberto Otaroladeclared that, although a consensus has not been achieved regarding the capital contribution requested by the oil company, the vital financial boost that the operation would provide is recognized. over 8,000 barrels per day (bpd) produced by these lots.

“The extraction of a barrel in Lot VI costs US$40. There are US$20 for operating expenses and another US$20 for royalties and taxes. That barrel of Petroleum in the international market it costs US$85 or US$90; That is, there is more than 50% of the profits. Who does this company sell that oil to? To Petroperú. “We are facing an important business,” Otárola highlighted.

Discord Lots

Only lots VI and Z-2B would generate savings of US$250 million annually, according to calculations by the president of the oil company, Pedro Chira. A situation that keeps the Minister of Economy, Alex Contreras, expectant, who has clarified that the Government does not seek to promote an “entrepreneurial State”, but rather that the companies that exist are as efficient as possible.

“The decision in Talara has to be based on two criteria: an investment that allows the lots to be sustained, and the benefits that the State will receive, since many of these are in production and generate significant margins”said Contreras.

Various sector specialists point to much more solid profitability: if Lot X (11,000 bpd) is also available, Petroperu It would reach 20,000 bpd and would only have to pay US$292 million of the US$584 million it currently pays for local crude to feed its refinery.

Furthermore, according to sources from the Energy and Mines sector, the ebitda generated by the Talara lots would be added to that of the new refinery (US$470 million). It would be double insurance because “if the oil company goes bankrupt or becomes insolvent, the Treasury will have to assume all of its debt commitments.”

PCM: direct negotiation with Petroperú complies with the law

There are four lots whose contracts will expire this year: Lot I (temporary contract that will be renewed with Petroperú), Lot VI/VII (October 21, VI was offered for Petroperú) and Z-2B (November 15, also for the state). The X ends in May 2024.

Currently, oil barrel prices exceed US$90, well above the positive profitability estimates estimated by Perupetro.

PCM confirmed that the direct negotiation with Petroperú complies with the law.

Petroperú is the only buyer of oil in Talara. Pays international price to obtain 30% of the diet of its refinery; The rest must be imported due to the low production.

Reactions

Alberto Otárola, president of the Council of Ministers

“The Government has clearly said that we are facing a situation in which the contracts for three lots are about to expire, and that by law there are two options: direct negotiation or call”.

Alex Contreras, Minister of Economy

“In the case of Petroperú, we have said that it is capable of operating some lots and not others. In that sense, the final decision made has to consider the greatest benefit for the State.”