The president of Perupetro, Seferino Yesquén, informed that the country is expected to import $3,000 million US dollars in oil because of economic losses.
Last year, Peru imported $2,000 million US dollars in oil, and the consequences of the losses are reflected in the increase of the amount needed to be brought to the country this year.
“In three years, between 2013 and 2016, we lost 310 million barrels of proven reserves, we only consumed 70 million, that is, 240 million were lost for economic reasons,” Yesquén said during a discussion organized by the National Society of Petroleum Mining, and Energy, according to Sputnik News.
Perupetro is a regulating and negotiating company for private investments in hydrocarbons, and they believe that this scenario could be improved with the approval of the new Organic Hydrocarbons Law, which is ready to be discussed in Congress.
The modifications that are suggested to the law include more investment for exploration and exploitation of hydrocarbons between 2018 and 2021, as well as new deadlines for these activities.
“Because of the high royalties that fall on the exploitation of oil wells, the production of hydrocarbons is low and a deficit is created that forces imports”, explained Sputnik News. They also informed that it is estimated that Peru needs 250,000 barrels of oil daily to cover energy demand, but the country only produces 41,000 barrels.