Petroperú will receive flow of lots I, VI and Z-2B until 2025

Following the setback in the reversal through direct negotiation announced by the Ministry of Energy and Mines (Minem), Petroperú will receive the order for lots I, VI and Z-2B for up to two years, according to Perupetro. These three lots have a combined production of more than 8,000 barrels of oil per day (bpd), which will generate annual savings in the purchase of crude oil for the Talara Refinery (NRT) of US$250 million.

It won’t be the only encouragement you will receive. As explained by the president of the board of directors of Petroperú, Pedro Chira Fernandezin a recent interview with La República, the operation of the three fields would also mean a favorable EBITDA for the company of US$80 million each year, with conservative prices around US$85 per barrel (today the international marker exceeds US $90).

It happens that the production of a barrel of oil in Talara, according to estimates by Perupetro and Petroperú, ranges between US$30 and US$40, including operating costs, royalties and social fund. The rest is the profit that the private company had in the last 30 years.

This situation led the Peruvian State, through Petroperuwould incur a expenditure of US$11.6 billion to buy crude oil from the three lots between 1994 and 2022.

Had the fields been in charge of the state oil company, the expense – now destined for production, and no longer for purchase – would have been reduced to US$6,032, a saving of US$5,568 for the Peruvian State.

To this, we should add the positive annual EBITDA that, from now on, the full operation of the NRT will generate: between US$450 and US$700 million. An important total injection that is still in suspense, since there is no clarity as to whether Petroperú will be able to maintain these lots.

Contracts in the air

This is because the new contract drawn up by Perupetro leaves open the possibility of an international tender that settles these profits, which in the opinion of Alexei Huerta, a hydrocarbon specialist, would have favorably fed the oil company’s cash flow.

For example, the UNI professor also warns that the operation of the Lot Z-2B It would not be profitable for such a short period, since it is a “complex asset in logistical and maintenance terms.” The case of the VI is different, an operation similar to that of the Lot I (which he has already managed since 2021) that could be launched in three months.

“Yes, there would be a profit, in fact, that will favor them, but probably other operations, such as an early development in Lot 64 of the jungle, could have a better impact. Petroperú has to figure out how to put all its assets into production. The idea is that in one year they will be producing”Huerta emphasizes.

Keys

Horizons. Originally, Petroperú was also to operate the Lot. With this, his annual EBITDA would have reached US$200 million.

Barrel. Petroperú had planned to use the profits to increase production. With the commission, now it is uncertain.