South America / GoM
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 sq.km)|
|Population:||29,180,899 (July 2008 est.)|
|Languages:||Spanish (official), Quechua (official), Aymara, and a large number of minor Amazonian languages|
|Legal system:||based on civil law system; accepts compulsory ICJ jurisdiction with reservations|
|Currency:||nuevo sol (PEN)|
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
|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.)|
Peru - recent news
|09 Sep 20
||Peru: PetroTal provides update on the Bretana oil field
PetroTal expects and is ready to reopen the Bretana oil field as soon as the ongoing discussions between the communities and the Government of Peru have been ratified, which is expected in the next few days as reported by Government officials.
|27 Jul 20
||Peru: PetroTal announces restart of production at Bretana oil field
PetroTal's Bretana field, which was temporarily shut-in in response to a directive issued by the Peruvian government’s health department related to COVID-19 prevention, restarted operations on July 15th, 2020 and production has returned to pre-shutdown levels of 11,500 bopd.
|18 Jun 20
||Peru: PGS Peru MegaSurvey - first seismic data now available
First data is now available on PGS’ Peru MegaSurvey. This large-scale merged and matched seismic dataset, including 2D and 3D data, provides E&P companies interested in South America with an excellent opportunity to evaluate prospectivity on a regional basis.
|18 Jun 20
||Peru: PetroTal announces completion of US$18 million equity placing
PetroTal, the Peruvian focused E&P company, has announced that its £14.1 million placing, as announced on June 12 2020, has now been completed.
|12 Jun 20
||Peru: PetroTal signs enhanced oil sales contract with Petroperu
PetroTal has entered into an arrangement with Petroperu which will result in the Company’s liability to Petroperu in relation to the recent oil price movements being payable over a three year period, rather than at the point of sale of the oil. The oil sales contract has also been extended from one year to three years on enhanced terms.
Peru - more news
Other countries in this region
- Costa Rica,
- Dominican Republic,
- French Guiana,
- Gulf of Mexico,