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Content from Contributors

Consortiums compete for Peruvian oil lot

Perupetro is the entity in charge of managing, negotiating and supervising hydrocarbon exploration and production contracts in Peru.

Joshua Falcón.

Published: April 13, 2024

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Two business groups, made up of corporations from the United States, Brazil and Peru, are competing for the award of “Block X” oil, a Peruvian oil lot that stands out for being the second largest production lot in Peru.

Consortiums competing for oil reserves

The state-owned Perupetro announced that the winner will be decided this Thursday. In a recent press release, it was detailed that the companies Offshore International Group of the United States, together with Aguaytia Energy and Termoselva of Peru, make up one of the consortiums. The other is formed by J&F Investimentos of Brazil, which has satisfactorily complied with all the requirements to participate in this bidding process.

In reference to the award of the aforementioned lot, the company Perupetro, the entity in charge of managing, negotiating and supervising hydrocarbon exploration and production contracts in Peru, informed that the consortium that submits the investment plans to boost oil production in the lot in question will be favored.

The designated commission will proceed to the opening of the economic proposals, and the choice will go to the consortium that proposes the best work plan, based on its investment commitments in the drilling of both development and exploration and exploration wells.

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Peruvian oil lot production

The national oil company will maintain a 40% participation in the license contract, as reiterated by Perupetro. In addition, Block X is located in the coastal province of Talara, in the north of the country, and currently produces an average of 10,000 barrels of oil per day.

This translates to 30% of national hydrocarbon production. However, the company has high expectations in the implementation of new investments and technologies, with the aim of increasing these figures over time.

Perupetro Perupetro, which operates as a private state-owned company, is responsible for the administration of the country’s hydrocarbon resources, promoting their efficient and sustainable use for the benefit of the nation.

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Source and photo: Perupetro