Peru E&P force majeure count reaches 30

Monday, September 30, 2013

Force majeure was in effect for 30 Peru exploration and production contracts in August.

Approval of the environmental instrument and social motives were the principal reasons behind the suspensions with 10 each of the 30 contracts followed by drafting of the environmental instrument (5), other motives (3), and reference terms and citizen participation plan (2), according to state hydrocarbons promotion agency Perupetro.

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The contracts are held by BPZ Exploración & Producción (blocks XIX, XXII), Cepsa (130), Compañia Consultora de Petróleo (100, 160), Gold Oil (Z-34), Gran Tierra (123, 129) and Grupo Petrolero Suramericano (156).

And KEI (144), Pan Andean Resources - now Petrominerales (161), Olympic (145, XIII), Pacific Stratus Energy (137), Petrolífera Petroleum (107), Pluspetrol (88, 115), Repsol Exploración (109), Savia (XXVI, Z-6, Z-33, Z-35, Z-36, Z-45, Z-51, Z-52), Siboil (105), Talisman (103), Tecpetrol (174) and Vetra (XXV).

An estimated US$2.5bn in hydrocarbons investment is on hold, according to think tank Instituto Peruano de Economía.