Lot X in its final stretch: this Thursday the Petroperú partner is known

Only two consortiums presented themselves to accompany Petroperú in the next operation of Lot X of Talara, the most important in the northwest basin. The agreement is to grant 60% of the participation to the private operator, and 40% to the Peruvian state company, but the latter will not make risk investments in exploration.

These are the consortia made up of Offshore International Group, Aguaytía Energy del Perú and Termoselva; and J&F Investimentos and Upland Oil & Gas. Surprisingly, the current operator, the Chinese state-owned CNPC, did not appear before Perupetro’s call, so it must return the lot on May 19, the date on which its contract ends.

A partner for Petroperú

Offshore International Group belongs to the North American De Jong Capital LLC, and has been the parent company of Savia in the defunct Lot Z-2B, also in Talara and today in the hands of Petroperú.

Aguaytía, a company that operates in the energy, electricity, oil and gas sectors (it has Lot 31-C of Ucayali), like its subsidiary Termoselva, also belongs to De Jong, after its purchase from Orazul in 2023.

At the forefront, J&F Investimentos, a private holding company of the Batista family based in Sao Paulo that paid US$256 million in 2020 to resolve an international bribery case in Brazil. It goes together with Upland, a company that is currently exploring Lot XXIII in Tumbes and that took over Lot 8 in Loreto last December. It is only waiting for the approval of its social license so that the decree that allows its operation is published.

Goodbye to CNPC

Carlos Gonzales, director of Enerconsult, does not view the process favorably and mentions excessive pressure on the partner in charge of 60%, with higher royalties than those of the previous contract, and an IR of 31.5% compared to the stabilized 30%. of 1994.

Given this, he criticizes the installation of a social fund of 1.5% on the production value and 2.5% for the Abandonment Fund, which would have discouraged CNPC, which did apply for Lot VII, which was smaller and which was awarded to Olympic.

“The production cost of Lot X easily exceeds US$50; “Someone was going to show up anyway because something could come out,” she says.

Former Vice Minister of Hydrocarbons Enrique Bisetti adds that reserves declined by 140 million barrels due to the lack of replacement work by the Chinese state company, to such an extent that each well went from 12 to less than 5 barrels per day, in an operation that, In his opinion, it was based solely “on draining all the oil that was there.”

“The social and environmental part was complicated for them. But it’s not that they didn’t show up because it wasn’t profitable, because they moved heaven and earth to stay,” he says.

Lot X: this Thursday the partner for Petroperú leaves

The opening of envelopes to meet the Petroperú partner and the investment program will be made public this Thursday the 11th.

The potential production of Lot X is between 10,000 and 12,000 barrels per day (bpd). In March, 8,561 bpd were produced.

The average international oil price exceeds US$80 per barrel.

Upland already had a breach of contract issue over Lot XXIV. He prosecuted Perupetro, but the case was closed.

Only Aguaytía Energy is part of the National Society of Mining, Petroleum and Energy (SNMPE).

CNPC would be interested in accompanying Petroperú in Lot 64, as would Petrotal and Altamesa.

Reactions

Enrique Bisetti, exvic. of Hydrocarbons

“The tender spoke of 7 exploratory wells and, having only 1 successful in 30 years, for CNPC it meant having an entire development plan in the fields.”

Carlos Gonzales, director of Enerconsult

“Lot X is the most important in Peru, as it is a stone’s throw from the refinery. Lots 95 and 192 produce more, but they cross the mountains and jungle to reach the sea.”