Peru
Press Release

PETROPERÚ will sign license contract for Block 192

Bnamericas Published: Monday, July 25, 2022

This Petroperu release was published using machine translation.

In accordance with Supreme Decree No. 009-2022-EM published today, July 25, in the official newspaper El Peruano, the License Contract for the Exploitation of Hydrocarbons in Block 192 was approved. Likewise, Perupetro is authorized to sign with PETROPERÚ said contract, in accordance with the current legal framework.

It is important to underline that the License Contract awards 100% of Block 192 to PETROPERÚ. For this reason, the incorporation of a strategic partner for its operation will require the respective authorization, via a new Supreme Decree.

It should be noted that the re-entry of PETROPERÚ to oil exploitation activities in the Peruvian jungle, after 26 years, is a great milestone for its vertical integration strategy, which will strengthen its corporate performance and competitiveness within the hydrocarbon sector.

The production of Block 192, estimated at 12,000 barrels of oil per day, will increase the supply of national crude oil for the new Talara Refinery, thus reducing the import of oil and, consequently, the deficit in the trade balance of petroleum products. for national consumption.

Similarly, the reactivation of Block 192 will reinforce the operational and economic sustainability of the Norperuano Pipeline (ONP), a National Critical Asset, responsible for transporting crude oil from the fields of the jungle to the coast, which encourages investment in exploration activities. of hydrocarbons.

Likewise, the operation of Lot 192 will allow a greater payment of royalties, which will contribute -through the oil canon- with the execution of basic infrastructure works for the well-being of the populations of the northern jungle. On the other hand, it will generate significant income for the fiscal box with the payment of taxes, to the benefit of the country's development.

About Lot 192

Block 192, located in Loreto, has been inoperative since February 2020. The company Frontera Energy, a private operator that concluded the Temporary Services Contract in February 2021, returned Block 192 to Perupetro, an institution that has maintained responsibility for its surveillance, custody and maintenance of assets and facilities to date.

The current situation of the Lot is complex as a result of thefts and acts of vandalism that have severely impacted the production facilities, a situation that affects the term for restarting the production of the Lot, which is estimated to be 12 months to date. In this sense, Perupetro must deliver the lot to PETROPERÚ in the same operating conditions received from Frontera Energy in February 2021.

Block 192 is technically complex (high production of water that needs to be re-injected), economic (cost of production), environmental and social; which requires significant investments.

For this reason, PETROPERÚ will subsequently incorporate a partner who will assume the investments and the inherent risks, based on an associative agreement that must be authorized, as indicated, through a new Supreme Decree.

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