Late last week, Peruvian state-owned oil company Petro-Peru signed
a memorandum of understanding with the companies Pacific Exploration & Production
and Pacific Stratus Energy del Perú regarding the exploitation of Lot 192, the
largest oil field in Peru. Petro-Perú said in a press release that, “The
signing of the memorandum is the first step in establishing a framework of
cooperation between the signatories with the intention of exchanging technical
knowledge, information, experiences, and practices related to oil and gas
business opportunities.” According to the document, this agreement will
facilitate future agreements regarding Lot 192.
Peru is looking to renegotiate
not just its oil sector contracts, but also its agreements with natural gas
producers and exporters, as the country is suffering from the low prices in the
market. Peruvian President Ollanta Humala told the press that the country is
renegotiating terms on blocks 55 and 57, and the Peruvian authorities are also
looking to raise royalties on exporters and on gas suppliers to the Pampa
Melchorita liquefaction plant. The article warned though that Peru’s prospects
for a successful negotiation are slim, as the country does not have much
bargaining power due to the troubled market.
In mining-related news, thousands of Peruvians took to the
streets for a 72-hour strike to protest
against HudBay Minerals’ open-pit copper mine. According to the report, the
protest was only organized after invitations to the mining company and the
government to discuss economic, social, and environmental issues, went
unanswered.
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