The Canadian-owned energy company PetroTal Corp., parent company of PetroTal Perú, announced the strategic transaction to acquire 100% of Cepsa Perú and, in this way, Lot 131, located between the regions of Huánuco and Ucayali.
The transaction is subject to the closing conditions established in the agreement and the corresponding regulatory approvals, the company reported.
The transaction amounts to approximately US$5 million and will allow the production of the Los Angeles field of Lot 131, which reaches an average of 900 barrels of oil per day (bpd), to be added to that of PetroTal, which currently stands at 18,500 bpd. with Lot 95 (Loreto) and that has growth potential in the short and medium term.
Guillermo Flórez, general manager of PetroTal, highlighted that this is the first acquisition that PetroTal Corp. has made since its entry into Lot 95 (Loreto), at the end of 2017.
“It is an important step towards fulfilling our growth vision,” said the PetroTal executive. The recoverable oil reserves of Lot 131 are estimated at up to 4.9 million barrels.
The assets of Lot 131 are synergistic with those of Lot 95 and with Lot 107 (Huánuco and Pasco), the latter located just 130 kilometers by road from the new operation, highlighted the general manager. There are immediate plans for the development of Lot 131, as soon as the transaction is concluded.
“We intend to replicate, on a smaller scale, our success in the Brittany North field, which has made us the largest oil producer in Peru,” he added.
Petrotal in Lot 131: a new Development Fund
Guillermo Flórez commented that in Lot 131 the same concept of shared value will be applied as in Lot 95, with the contribution of a percentage of the value of the audited production to a fund intended to finance development projects in the area.
On the other hand, he commented that the coordination with the Regional Government of Ucayali and local authorities will be strengthened to leverage projects, activities and interventions that generate development and well-being for the population that coexists with the activity of Lot 131.
“We will apply the sustainable management model that has been giving such good results in Puinahua, the producing district of Lot 95,” he said.
Regarding the Development Fund for the District of Puinahua (Lot 95), he highlighted the recent signing of the trust that will allow activating the use of the contributions that PetroTal makes from 2022, as long as oil activity and hydrocarbon transportation are not paralyzed due to social conflicts.
Cepsa leaves Peru due to large global losses
The sale of the assets of Lot 131 corresponds to a divestment plan in fossil energies that the Spanish Cepsa has carried out in recent years. Before, it already got rid of its crude oil exploration and production business in Colombia, as well as in the United Arab Emirates.
The company reported losses in the first quarter of 2024: US$8 million in the red, compared to losses of US$297 million in a similar period a year ago.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
