The agreement with Petrobras involves an initial payment of US$2.35bn, plus additional contingent payments of up to US$550mn.
The development of 43 new storage projects in 20 states of the Republic, would increase the current capacity by 163%
NOC Petroperú says that approximately 60% of contingencies are caused by third parties.
The idea is to have fines applied to E&P operators converted into investment commitments in the country, ANP director Aurélio Amaral told BNamericas.
Additional electricity will be sourced from a 100MW thermoelectric plant at the Santa Inés industrial complex in Barinas state.
Three of the five new stations are located at public universities and the other two at the Medellín and Bogotá headquarters of Bancolombia.