After entrusting Bank of America with the process of selecting an investment partner for Block 192, the current administration of Petroperu noticed signs of irregularities in the contract signed with high table in 2021. The company indicates that it does not find answers from Petroperú and has already started the direct treatment stage, an act prior to arbitration. Meanwhile, the Comptroller will issue a report shortly.
What is the link that Altamesa currently has with Petroperú?
There is a legal link that comes from the auction of block 192, which was basically legalized and normalized last year (August 13, 2021) when the joint investment contract between Petroperú and Altamesa was signed. Here there was an international open tender in which 11 companies participated that made their offers that were analyzed and placed in front of a team from Petroperú, with the Bank of America investigating which was the most convenient offer to get ahead.
However, Petroperú has warned of possible irregularities in this contract.
We received a letter from Petroperú in which it is clarified that there is no irregularity with respect to Altamesa, but they do announce some irregularities and ask Comptroller that they be resolved. We are quite concerned because the most important part, at the moment in which the contracts are signed, both the operating and the investment contracts, is when the discussion begins to enter the field early. I can say that we were about three or four weeks away from mobilizing people and starting the operation and suddenly we were suspended in our tracks, the stoppage was brutal. As time passes, our damages continue to increase, as do our costs, and we do not find an answer from who is our strategic partner in the development of the project.
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When was the last rapprochement with Petroperú?
We have not had communication from the current Petroperú board, which is the one that would have to establish the company’s position regarding the contract. We have addressed the general manager, Hugo Chávez, who is also a director, in several letters. He has answered once or twice.
Given that Petroperú asked the Comptroller’s Office to review the contracts signed between you and the previous administration, what position does Altamesa take today?
The Comptroller informed us that it requested information from the Internal Control Office (OCI) of Petroperú, which is finally the arm of the Comptroller there. Incidentally, the Comptroller participated in the entire process from the selection of the bank to the election of Altamesa. We are awaiting the Comptroller’s ruling, despite the fact that it was not part of the procedure to which we were subject when we presented ourselves for this contest.
What do you study from the legal point of view?
Both the free trade agreement Peru-Canada such as the contract that we have signed with Petroperú provide for arbitration clauses that in turn contemplate some previous stages of negotiation or direct treatment. We have already initiated a direct deal within the framework of the FTA, the next thing would have to be to start the direct deal within the framework of the contract signed with Petroperú. Basically because we were unable to communicate with Petroperú; he is a partner who signed a contract, made commitments, but has now apparently decided to ignore the contract and does not answer the phone or open the door. The interest of high table it is not to litigate with Petroperú, our interest is to produce oil.
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The Ministry of Economy has observed the contract for Lot 192 that Perupetro and Petroperú must sign for an economic issue. What do you think?
The main way that we see so that Petroperú is not left without a rope and without a goat is that it justify the investment in Block 192 before the MEF with the participation of the partner. Tell him ‘you are concerned about my source of financing and my source is these gentlemen from Altamesa, who have submitted all the necessary documents to prove that they have funds available to invest in the lot’.
What is Altamesa’s investment commitment and how much is the economic damage?
It is a billion dollar investment project jointly with Petroperú, of which we would be spending approximately 150 million dollars in the first year. On the other hand, with current oil prices and a 30-year contract, we are seeing above 500 million dollars the damages that would be affecting the company.
How much could they take the production of that batch?
Starting with the restoration that was maintained towards the end of the previous contract, which was 10 to 12 thousand barrels per day, with the new intervention we could reach about 20 thousand barrels or 25 thousand barrels per day depending on the activities we carry out.
Source: Larepublica
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