Petroperu seeks partner for Amazon oil block reactivation

From Yahoo Finance: 2025-06-30 06:55:00

Peru’s Petroperu is in talks with companies like PetroTal and Upland Oil to reactivate the Lot 192 oil block in the Amazon, aiming to secure a partnership by mid-to-late July. The project is crucial for Petroperu amid financial challenges and debt from refinery upgrades.

The urgency for a partner is emphasized by Petroperu, which owns a 39% stake in Lot 192. Altamesa Energy Canada withdrew, leading to the search for a new partner. The new operator must honor service agreements with local community-owned companies to avoid conflicts with indigenous groups demanding benefits.

Lot 192’s anticipated production is up to 12,000 barrels per day initially, potentially rising to 21,000bpd with a drilling program. PetroTal is also in talks to renew a contract for transporting crude through the Northern Peruvian Pipeline. PetroTal ceased using it due to infrastructure attacks.

Petroperu’s Diaz is optimistic about a new crude transport contract, stating it will make the pipeline profitable. Discussions with PetroTal are ongoing, with a focus on securing a beneficial agreement for all parties involved in the oil transportation process.

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