Lot

Four companies, including the current operator, the Chinese CNPC, have presented letters of interest to take over Lot X, the largest in Talara, and whose contract expires on May 19, despite the Government’s initial intention to reverse it directly. to Petroperú.

An investigation by Gerens for the National Society of Mining, Petroleum and Energy (SNMPE) reveals the importance of the field for the country’s hydrocarbon balance: its accumulated investment between 1993 and 2022 amounts to US$1,431 million. However, there is still no clarity about its fate.

In the opinion of María Julia Aybar, vice president and general manager of Peru LNG (current exporter of Camisea gas), the Perupetro agency must call a lightning tender with all interested parties, an issue that they hope to present to the new head of the MinemRómulo Mucho.

“There is time and alternatives. Perupetro has made two-month tendersand if they believe that it is not possible, they could also extend the current contract for a couple more months to give them time,” Aybar said.

Arturo Vásquez Cordano, author of the research, adds that Petroperú’s financial situation would complicate the reversal, and recommends emulating the Colombian mixed model, led by the also state-owned company. Ecopetrol and private.

It should be noted that, until June 2023, the reserves of Lot

Lot X: crown jewel

The SNMPE study also portrays the fate of almost all of the investments developed in 30 years in Talara: in oil, the risk occurs in exploration, not in exploitation.

And even though the data shows that, since 1993, the total reserves of the northwest increased by 399 million barrels, the former president of Perupetro Aurelio Ochoa clarifies that in Lot

In this sense, Ochoa affirms that Petroperú is authorized by Law 30130 to receive Lot 2023.

“Perupetro can deliver lots by direct award or bidding, It already happened before with Lot 56 (where the gas that Peru LNG exports comes from). It is true that I could do something accelerated, but normally it takes about six months,” he maintains.

Lot X: the race for 10,000 barrels begins

• The average production of Lot X is 10,000 barrels per day.
• A barrel at US$70 would mean an EBITDA of US$132 million for Petroperú in 2024.
• In oil, risk investments occur in exploration, but not in exploitation.
• When the ANH was created in Colombia, the best lots went to Ecopetrol, which today is the most important firm in the country. The others, for private.