South America / GoM

Peru flag
Summary | Profile

Country profile: Peru

Location: Western South America, bordering the South Pacific Ocean, between Chile and Ecuador
Climate: varies from tropical in east to dry desert in west; temperate to frigid in Andes
Terrain: western coastal plain (costa), high and rugged Andes in center (sierra), eastern lowland jungle of Amazon Basin (selva)
Size: 1285220 sq. km total (Land area: 1280000 sq. km  Water area: 5220
Population: 29,180,899 (July 2008 est.)
Languages: Spanish (official), Quechua (official), Aymara, and a large number of minor Amazonian languages
Government: constitutional republic
Capital city: Lima
Legal system: based on civil law system; accepts compulsory ICJ jurisdiction with reservations
Currency: nuevo sol (PEN)

Country profile

Oil is the dominant fuel source in Peru. In 2005, oil represented 55 percent of Peru’s total energy consumption of 0.6 quadrillion Btus. Hydroelectricity is the second-largest component, representing 33 percent in 2005. However, the development of the Camisea natural gas project has led to increased use of natural gas in the residential, industrial, and power generation sectors. In addition, the development of an integrated liquefied natural gas (LNG) terminal will allow Peru to become an important regional exporter of natural gas in the near future.

Ancient Peru was the seat of several prominent Andean civilizations, most notably that of the Incas whose empire was captured by the Spanish conquistadors in 1533. Peruvian independence was declared in 1821, and remaining Spanish forces defeated in 1824. After a dozen years of military rule, Peru returned to democratic leadership in 1980, but experienced economic problems and the growth of a violent insurgency. President Alberto FUJIMORI's election in 1990 ushered in a decade that saw a dramatic turnaround in the economy and significant progress in curtailing guerrilla activity.

Nevertheless, the president's increasing reliance on authoritarian measures and an economic slump in the late 1990s generated mounting dissatisfaction with his regime, which led to his ouster in 2000. A caretaker government oversaw new elections in the spring of 2001, which ushered in Alejandro TOLEDO as the new head of government - Peru's first democratically elected president of Native American ethnicity. The presidential election of 2006 saw the return of Alan GARCIA who, after a disappointing presidential term from 1985 to 1990, returned to the presidency with promises to improve social conditions and maintain fiscal responsibility.

Energy production and consumption

Oil Gas
Production: 110,700 bbl/day (2005 est.) 1 billion cu m (2005 est.)
Consumption: 166,000 bbl/day (2005 est.) 1 billion cu m (2005 est.)
Exports: 53,040 bbl/day (2004 est.)  
Imports: 121,500 bbl/day (2004 est.)  
Reserves: 430 million bbl (2007 est.) 236 billion cu m (1 January 2006 est.)
Major fields:

Peru - recent news

08 May 24
Peru: PetroTal announces strategic acquisition of Block 131 in Peru
PetroTal has announced the execution of a definitive agreement to acquire a 100% working interest in Peru Block 131, including the producing Los Angeles field, through the acquisition of CEPSA Peru, which represents the entire Peruvian business unit of CEPSA, for a purchase price of approx. $5.0 million in cash.
11 Apr 24
Peru: PetroTal announces Q1 2024 operations and corporate updates
PetroTal, a company focused on development of oil and gas assets in Peru, has announced Q1 2024 operational, financial and corporate updates. The Company reports a 23% increase in production Quarter over Quarter, to 18,518 bopd.
21 Mar 24
Peru: PetroTal announces Q4 and 2023 financial and operating results
PetroTal, a company focused on development of oil and gas assets in Peru, has announced its Q4 and 2023 financial and operating results.
29 Feb 24
US: BOEM extends public comment period on potential development of wind lease areas offshore New York and New Jersey
On Jan. 8, 2024, BOEM announced the availability of its Draft Programmatic Environmental Impact Statement (Draft PEIS) for potential development of six wind lease areas offshore New York and New Jersey in an area known as the New York Bight. BOEM is extending the comment period until March 13 in response to requests from Tribal Nations and stakeholders.
10 Jan 24
Peru: PetroTal announces Q4 2023 operations and corporate updates
PetroTal, a company focused on development of oil and gas assets in Peru, has announced Q4 2023 operations and corporate updates. PetroTal achieved average production of 14,865 bopd in Q4 2023 and 14,248 bopd for the year 2023. The Company hopes to produce over 20,000 bopd for the foreseeable future.

Peru - more news

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