Peru
News

Peru reports hydrocarbons reserves dip

Bnamericas Published: Thursday, March 21, 2019
Peru reports hydrocarbons reserves dip

New numbers from Peru reveal that the country's proven hydrocarbons reserves fell in 2017, with proven oil reserves falling for a fourth straight year.

In its latest hydrocarbon resources report, the energy and mines ministry (MEM) said that proven reserves of oil, natural gas and NGLs slid by 95.6Mb, 3.21Tf3 and 144Mb, respectively, to 339Mb, 12.9Tf3 and 646Mb.

The ministry attributed the oil reserves drop principally to reclassifications due to changes of economic technical conditions associated with the estimation of reserves.

The top three blocks in terms of proven oil reserves for acreage in production are 192 (86.5Mb), X (76.2Mb) and Z-2B (40.2Mb).

The reduction of reserves for gas and NGLs is due in part to the recategorizacion of block 58 reserves to resources, according to the ministry.

The top three blocks in terms of proven gas reserves for acreage in production are 88 (8.81Tf3), 56 (1.95Tf3) and 57 (1.6Tf3).

The release of the reserves document, available here, comes amid continuing debate in congress of the new proposed hydrocarbons law which aims to boost investment.

During a presentation before the energy and mines committee, sector minister Francisco Ísmodes (pictured) briefed lawmakers on changes following observations from the ministries of economy and finance, culture, and environment to the committee's approval of the new framework.

He highlighted that a 20-year extension to contracts would be subject to additional investment pledges and fulfillment of environmental obligations.

A social fund also would be created for new contracts and extensions, said Ísmodes , who added that if a block is returned to the state, the new operator would assume all prior responsibilities, including environmental remediation.

Subscribe to the most trusted business intelligence platform in Latin America. Let us show you our solutions for Suppliers, Contractors, Operators, Government, Legal, Financial and Insurance.

Subscribe to Latin America’s most trusted business intelligence platform.

Other projects in: Oil & Gas (Peru)

Get critical information about thousands of Oil & Gas projects in Latin America: what stages they're in, capex, related companies, contacts and more.

  • Project: Block 116
  • Current stage: Blurred
  • Updated: 2 years ago
  • Project: Block 145
  • Current stage: Blurred
  • Updated: 2 years ago
  • Project: Block 188
  • Current stage: Blurred
  • Updated: 2 years ago
  • Project: Block 67
  • Current stage: Blurred
  • Updated: 3 years ago
  • Project: Block 200
  • Current stage: Blurred
  • Updated: 3 years ago
  • Project: Block 133
  • Current stage: Blurred
  • Updated: 3 years ago
  • Project: Block Z-46
  • Current stage: Blurred
  • Updated: 3 years ago
  • Project: Block Z-36
  • Current stage: Blurred
  • Updated: 3 years ago

Other companies in: Oil & Gas (Peru)

Get critical information about thousands of Oil & Gas companies in Latin America: their projects, contacts, shareholders, related news and more.

  • Company: Termochilca S.A.  (Termochilca)
  • Peruvian power company Termochilca S.A. engages in power generation and sale, and the development of projects and investments in the hydrocarbon, infrastructure, service, transp...
  • Company: Gold Oil Peru S.A.C  (Gold Oil Peru)
  • Gold Oil Peru S.A.C, the local branch of the British oil and gas producer Baron Oil Plc, operates two blocks in Peru. Thus, the company is whole owner of block XXI, which is an ...
  • Company: Consorcio JJC - Cosapi
  • Concorcio JJC-Cosapi is a consortium comprising Peruvian engineering and construction firms JJC and Cosapi, both based in Lima. Founded in 2015, the consortium has been awarded ...
  • Company: Perenco Perú Petroleum Ltd.  (Perenco Perú)
  • Perenco Peru Petroleum Ltd. Sucursal del Perú (Perenco Peru), subsidiary of the Anglo-French oil company Perenco, is engaged in hydrocarbon exploration and production in the Mar...