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.