New Exploration Contracts

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In stark contrast to what is happening in Bolivia where the hydrocarbon sector has been nationalized, Perú-Petro signed a contract with U.S. firm Hunt Oil to explore and develop hydrocarbons in lot 76, which consists of 1,400,000 hectares in the departments of Madre de Dios, Cusco and Puno. An initial investment of $40 million will be made to explore this area.

The Minister of Energy and Mines, Glodomiro Sánchez, did not hide his preoccupation concerning the political discourse and recent regional trends, but he expressed confidence that in the second round the candidates will have clearer messages and will promise to maintain clear rules in order to maintain the same levels of investment in this sector, that in just hydrocarbons has reached $5,000 million since 1994. In the entire mining and energy sector over $20,000 million has been invested in Peru since the mid 1990s.

In addition to the Hunt Oil contract, Peru is looking to sign 10 other exploration contracts by the end of June.

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