Oil lots

Lot I —located between the La Brea and Pariñas districts of the province of Talara (Piura)— is operated by Petroperú under the license contract for up to two years, authorized by Supreme Decree No. 022-2023, published on October 21 of 2023.

It has an optimal and sustained oil production of 502 barrels per day (BPD) and 3.4 million cubic feet of natural gas (MMPCD).

The oil production is transported to the New Talara Refinery, which -since February 2023- has been producing low-sulfur gasoline and diesel for national consumption, as part of its gradual and progressive start-up process. The gas is sold to the company Enel Generación Piura S.A., for electricity generation.

In addition to being the milestone that marks the return of Petroperú to the upstream, Lot I is proof that the company complies with the contractual commitment to maintain the production of oil and natural gas, with good relations with the social environment and without generating events that could affect the environment.

Petroperú has been operating this lot since December 2021, in accordance with Supreme Decree No. 030-2021-EM published on December 25, 2021.

Lot VI, located between the Lobitos and Pariñas districts of the province of Talara (Piura), is operated by Petroperú under a license contract for up to two years, authorized by Supreme Decree No. 023-2023, published on October 21, 2023.

This lot covers 13’772,210 hectares and is divided into 31 deposits. It has an estimated production of 2,000 barrels of oil per day and 4 million cubic feet of gas per day; and has had a cumulative production of 195 million barrels of oil and 319 billion cubic feet of gas.

During the contract period, Petroperú will carry out 10 overhauls. Simultaneously, it will continue with the maintenance of all facilities and assets, as well as compliance with the terms and conditions of the hydrocarbon exploitation license contract.

This lot, like all the northwest lots, is interconnected to the Talara Refinery.

Lot Z-69, located in the continental shelf, in front of the Piura provinces of Talara, Paita and Sechura, has a production of 4,700 barrels of oil per day on average and 13.8 million standard cubic feet (MMPCD) per day of natural gas.

As part of the contract, Petroperú has committed to increasing said production, thus generating greater job opportunities for the north of the country, operating in strict compliance with the license contract and with social and environmental responsibility.

According to the contract, Lot Z-69 will have a Social Development Fund, intended for the execution of projects that directly benefit the population located in the area of influence.

The State oil company has an experienced engineering and production operations management service to continue working optimally in Lot Z-69, which includes more than 70 marine platforms.

Likewise, to guarantee a safe operation, Petroperú has the oil and maritime services companies that were already working on said lot, as well as the operational personnel on the field.

Another of Petroperú’s major activities is the operation of Lot 64, located in the Datem del Marañón district (Loreto) intended to “produce the light oil reserves discovered in the Situche Central Field.”

To date, Petroperú is carrying out the Development Environmental Impact Study (EIS). Once this is approved and the installation works for the production facilities have been completed, in the first phase work will be done on the early production of the Situche Central Field, where a flow of 10,000 barrels per day is estimated. Then, development wells will be drilled to maximize oil recovery and therefore the production of the lot. Finally, an exploratory well will be drilled that seeks to increase the reserves discovered in this deposit.

Considering these projects, Petroperú will hold a forthcoming call to search for potential partners for the joint operation in the development of the deposit and to evaluate other potential geological structures present in the block.

On February 28, 2023, Petroperú and Perupetro signed the License Agreement for the Exploitation of Lot 192, with an extension of 30 years. This lot, located between the province of Datem del Marañón and the province of Loreto (in the Loreto region), has an area of 512’347,241 hectares and is the most productive in the country, with estimated reserves of 127 million barrels of oil and a production field of 12 thousand barrels per day.

It is strategically located to generate synergies with other lots in the jungle and even with lots in the southeast of Ecuador. The hydrocarbon exploitation activity in Lot 192 will generate sustainability and development in the region, as it will provide employment for more than 3,000 direct and indirect jobs.

After being paralyzed since February 2020, Petroperú has begun the reactivation of Lot 192, with the plan of resuming production activities in the first quarter of 2024.

Production from Lot 192 will go to the New Talara Refinery. With this, it seeks to cover the demand for crude oil to load the refining process. In addition, it will ensure the economic operation of the Northern Branch of the Peruvian Pipeline.