Peru maintains 2016 hydrocarbons growth forecast

Monday, December 21, 2015

Next year's scheduled start-up of Peruvian hydrocarbons transporter TGP's compression plant will help buoy sector growth.

That is the outlook in the latest inflation report from the country's central bank (BCRP), which has maintained its 2016 hydrocarbons sector growth estimate of 8.1%.

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The bank, however, expects sector growth this year will contract 11.7% compared with -10.9% in its September report due to lower oil production as a result of the price slump, and a 15-day stoppage at Pluspetrol block 192.

BCRP, which also highlights reduced output of natural gas and NGLs due to maintenance at Pluspetrol blocks, sees sector growth of 4.6% in 2017 compared with its previous outlook of 3.6%.

Planned private hydrocarbons investment in Peru reaches US$3.91bn in 2016-17, according to the report.

Principal hydrocarbon investments are the Sur Peruano pipeline, blocks Z-38, 56, 58, 88, III and IV, and natural gas expansion.

In related news, Graña y Montero Petrolera and Oiltanking Peru signed a loan for up to US$80mn with Banco de Crédito del Perú.

The financing will help consortium Terminales del Perú, in which both companies have a stake, carry out contractual obligations with state oil company Petroperú related to fuel port terminals Centro (Callao) and Norte (Eten, Salaverry, Chimbote, Supe), Graña y Montero said in a filing with securities regulator SMV.


In the power sector, BCRP points to growing electricity use amid GDP recovery, with planned private investment of US$3.02bn in 2016-17.

Projects include hydroelectric plants Acco Pucará, Belo Horizonte, Cerro del Águila, Curibamba and Molloco; thermopower plants Nodo Energético del Sur and Santo Domingo de Olleros; wind farm Samaca; and transmission lines Mantaro-Marcona-Socabaya-Montalvo and Moyobamba-Iquitos.