Perupetro: $5 billion investment needed to raise production by 100,000 bpd

Perupetro: “We want to get to 100,000 barrels by 2023."

By Energía

13/06/2018

The president of Perupetro Seferino Yesquén León has stated that the country will require an investment of $5 billion over the next five years in order to raise its production to 100,000 crude barrels per day (bpd) from the average 45,000 bpd produced nowadays.

“We want to get to 100,000 barrels by 2023. To this end, we have prepared 40 exploration contracts and 30 operation contracts, in addition to an investment of $5 billion,” the executive said.

The company has identified three strategic thrusts to boost investment in hydrocarbon exploration and development.

In a recent press release, Yesquén indicated the need to maximize the economic turnaround of currently operational fields. He added that the variables hindering the development of further investments will be reviewed.

The second strategic thrust is aimed at solving the contingencies presented at the lots where oil has already been discovered, but where years have passed without commencing operations.

The executive also detailed that Lots 97, 39, 64, and 95 have had confirmed reserves for nearly a decade. However, they are paralyzed in the hope of overcoming certain contingencies to establish the investments.

Perupetro: the sector requires a $5 billion investment, in addition to exploration efforts

The third strategic thrust is replacing the consumed reserves. In his sense, Yesquén assures that the Camisea’s gas and natural gas liquids production has started to decline. Therefore, it is imperative to promote exploration.

He also stressed that 70 of every 100 oil barrels consumed in the country are imported and recalled that Peru spent PEN 13,000 million in crude purchases last year.

Furthermore, Yesquén said that Peru has the potential to increase hydrocarbon production and investment in a sustainable manner. He commented that, in view of this, the relation with communities must be improved.

“I believe that recent developments have showed us that we must review the way in which we are reaching out to communities and society, so that hydrocarbon projects can be well-received,” he assured.

Perupetro, the ministry of mines and energy, the ministry of foreign affairs, E&Y, and ProInversión presented the Guide for Business and Investment in Peru for the hydrocarbon sector. This document highlights that the country’s investment portfolio for hydrocarbon projects 2018-2019 stands at $21.7 billion.

For more related information, visit Energía16.

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