Petroperú with strategic partner for Lot 192

Almost a year after signing the license contract for the exploitation of Lot 192 between Perupetro and Petroperú, the Executive approved the modification of this commitment so that the state company transfers its majority participation in favor of Altamesa Energy Perú SAC

In this way, the Canadian capital company will become the majority partner and operator of the former Lot 1-AB.

With the signatures of the President of the Republic, Dina Boluarte, and the ministers Alex Contreras (Economy and Finance) and Oscar Vera (Energy and Mines), Supreme Decree No. 005-2024-EM also authorizes Perupetro to subscribe (in the next few days) with the companies Petroperú and Altamesa the modification of the contract for Lot 192. This will be the next stage – including the promulgation of another DS – that will clear everything to have early production of the most important oil lot in the country.

Gradual production

Tomás Díaz del Águila, corporate manager of Exploration, Production and Pipeline of Petroperú, estimates that the lot located in the Datem del Marañón (Loreto) would begin to produce progressively from November of this year between 500 and 800 barrels per day, considering that Altamesa will enter operations at the end of February or beginning of March.

As a result of the vandalism and damage suffered in the facilities of the operation – paralyzed since 2020 – it would reach 10,000 barrels per day during the first half of 2025.

It should be noted that between 2015 and 2020 alone, an audited production of 8.3 million barrels of oil was recorded, which generated income to the State—from the sale of oil—of more than US$98 million.

Petroperú participation

Through a statement, Petroperú highlighted that, in accordance with the regulation, Altamesa Energy will become the strategic operating partner in the exploitation of the country’s main crude oil producing field, with a 61% participation in the hydrocarbon exploitation contract. .

However, Petroperú’s participation may reach up to 49%, under the association agreement for joint investment in the contract, signed by the state-owned company and Altamesa.

This agreement specifies that if the price of a barrel of oil remains above US$60 for two years, Petroperú’s participation increases from 39% to 49%. A year after the contract began, there is nothing to suggest that the price (today at US$72) is going to plummet.

It is important to emphasize that as part of the contractual modification, 21 additional development wells will be incorporated into the work program for the first period of the exploitation phase, established in the initial agreement.

According to the contract, the first 25 wells of the 41 offered by Altamesa are non-refundable. An important injection of resources for Petroperú. “Together with its operating partner, Petroperú hopes to resume production activities in the second half of this year,” highlighted the state company.

Fitch: the problem is liquidity

Contrary to what is maintained, Petroperú’s problem is financial, of immediate liquidity, and this is more urgent to address than corporate restructuring, Fitch Ratings said in an interview with local media.

In that sense, they estimate that in six months the oil company will be able to meet its obligations. This will be the case, in the opinion of specialists, partly due to the greater refining margin that the New Talara Refinery will provide, and secondly, due to the oil income from the lots currently operated by Petroperú, to which Lot 192 and , eventually, Lot X of the northwest.

Fitch also agrees with the consulting firm Arthur D. Little and projects an annual EBITDA of around US$580 million for Petroperú, thanks to the “old coffee plant” built in Talara.

MEF will weigh more internally at Petroperú

On February 3, DS 004-2024-EM was published, which modifies the composition of the General Meeting of Shareholders (AGM) of Petroperú, giving decision-making capacity to the MEF. And now there will be three members of the Board representing this entity: Minister Alex Contreras and his Vice Ministers of Economy and Finance, Juan Pichihua and Rodolfo Baca, respectively.

On the Minem side, there will be Minister Oscar Vera, who chairs the General Meeting, and the Vice Minister of Hydrocarbons, Julio Poquioma. Until before this DS, there were three representatives in the AGM.

The word

Tomás Díaz del Águila, corporate manager of Exploration, Production and Pipeline of Petroperú

“Production is going to be very gradual. Altamesa will enter through the fields least affected by vandalism (…) With the drilling of 41 wells with the Altamesa operator, we project up to 16,000 bpd.”