Press Release

PetroTal plans to invest over 475 million soles in Block 95 in 2023

Bnamericas Published: Monday, January 16, 2023
PetroTal plans to invest over 475 million soles in Block 95 in 2023

This is an automated translation of the original release published in Spanish.

PetroTal Statement

January 16, 2022

PetroTal, a company led and operated by Peruvians, announced that its investment program for 2023 amounts to more than S/ 475 million (US$ 125 million).

This capital will be allocated to the development of new horizontal wells and infrastructure in Block 95 (Loreto) –currently the largest producer of crude oil in the country and the main generator of oil canon for the region, as well as to the company's social initiatives, among which the Puinahua District Development Fund stands out.

The investment plan's main objective is to increase PetroTal's production between 15% and 19% compared to 2022 levels, to reach an average of between 14,000 and 15,000 barrels of oil per day (bopd by the acronym in English).

In detail, the company that lists its shares on the Toronto (Canada) and London (United Kingdom) stock exchanges contemplates an investment of more than S/ 260 million in drilling, commissioning and reconditioning of wells.

PetroTal's general manager, Luis Pantoja, stated that the budget approved for this year confirms the company's desire to continue investing in Peru, despite the difficulties faced by the hydrocarbon sector and the country as a whole.

"The Peruvian professionals and technicians who are part of PetroTal want to continue working to generate progress and well-being in Puinahua, Loreto and the country through the development of a sustainable and efficient oil industry," he stressed.

Around S/ 29 million for the social fund

PetroTal, in line with its purpose of creating value and opportunities for all, calculates a social investment of approximately S/ 68 million during 2023. Around S/ 29 million of this amount corresponds to contributions to the Puinahua District Development Fund, an initiative with which it seeks to finance projects for the benefit of the population of the town where the Bretaña Norte field is located, as long as its operation and the transportation of its production do not suffer stoppages due to social conflicts.

In addition, the company will allocate around S/ 38 million to projects and social interventions carried out in Puinahua, such as erosion control, infrastructure construction, connectivity, promotion of agriculture, generation of electricity with solar panels, fishing and aquaculture projects, biodiversity preservation, among others.

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