- Starting in 2037, Peru could be forced to import natural gas.
- It is urgent to promote exploration to replenish the reserves that currently guarantee energy supply.
- PERUPETRO and the MINEM are working to reactivate exploration in the south and northern parts of the country.
PERUPETRO reports that Peru's natural gas reserves, which currently cover domestic demand, would be insufficient within an estimated 12 years if the necessary conditions are not created to boost exploration of new areas with hydrocarbon potential. This situation represents a serious risk to the country's economic and social development.
In recent years, exploration activity has lost momentum. As a result, natural gas reserves are being consumed without replenishment. If this trend continues, it is very likely that Peru will have to begin importing natural gas between 2037 and 2040, which would significantly impact electricity generation costs.
An increase in these costs would affect the country's competitiveness, with negative repercussions for key sectors such as industry, transportation, and households.
PERUPETRO Chairman of the Board, Pedro Chira, reported that national natural gas production currently amounts to 1.3 billion cubic feet per day. However, he warned that reserves are not being replenished, as there are currently no active gas exploration contracts.
'If we do not incorporate new reserves in the short term, we will face declining production that will place us in a critical situation of energy dependence by 2037,' he warned.
Despite this, he noted that there is still a window of opportunity to leverage the resources already identified.
Given this scenario, PERUPETRO and the Ministry of Energy and Mines (MINEM) are promoting concrete actions to reactivate natural gas exploration, not only in the south-central region of the country, but also in the northwest zone.
Regarding the most sensitive areas, such as Madre de Dios and offshore, the president of PERUPETRO emphasized the importance of hiring companies with technical experience and high socio-environmental standards.
'We are going to call on top-level companies, since these are projects that, due to their volume, would involve large-scale developments,' he stated.
In the case of the Candamo field, located within a national park, he specified that PERUPETRO cannot conduct exploratory activities or evaluation studies until the State makes a decision on entering the area. Previous explorations have identified estimated resources of between 3 and 5 TCF (trillion cubic feet) of natural gas there.
CHEVRON'S ENTRY INTO PERU
The president of PERUPETRO highlighted the entry of the oil company Chevron into the country, following the recent promulgation of the Supreme Decrees approving the modification of the license agreements for blocks Z-61, Z-62, and Z-63, allowing its incorporation as a partner of Anadarko.
'We hope to announce in the coming months the entry of other large companies to operate offshore and in the country's jungle,' he added.
About PERUPETRO
PERUPETRO S.A. is the private, state-owned company responsible for managing hydrocarbon resources for their sustainable use for the benefit of the country.
Original announcement link (in Spanish)
Source: PERUPETRO
