Petroperú maintains optimal production in northwest lots

Petroperú has been responsibly operating the northwest oil blocks I, VI and Z-69, fulfilling its commitment to maintain optimal and sustained production in these three blocks that it operates directly as part of the exploitation contracts signed with Perupetro. “We are very responsible in the way we act in all our activities and we are demonstrating it,” said its president of the Board of Directors, Pedro Chira Fernández.

The head of the oil company reiterated that, since December 2021 - when Petroperú assumed the task of temporarily operating Lot I - it has been demonstrating that it has the capacity to operate the northwest lots and since October it has operated with the same efficiency and responsibility Lot VI and, since mid-November, Lot Z-69 in the continental shelf.

Chira Fernández reiterated that Petroperú has the ideal personnel and an experienced engineering and production operations management service to comply with temporary operating contracts, producing oil to supply the New Talara Refinery.

At another time, he indicated that, through a contracted service, information is being collected on the status of the assets of Lot Z-69, which for the last 30 years were under the tutelage of private operators, in order to prepare a report that allows for an action plan aimed at preventing environmental impacts.

Regarding Lot 192, he confirmed that they hope to start production in the second half of 2024, with Altamesa as a strategic partner, whose incorporation process is underway after Perupetro completed the qualification of the Canadian company. Meanwhile, Petroperú continues with pre-operational work on this lot located in the district of Andoas, Loreto.

Regarding the New Talara Refinery, it was reported that its process units are operating normally, producing quality fuels to supply the national market and concluding the process stabilization stage of the Flexicoking Unit. He noted that, in the coming weeks, the final warranty tests required by the contracts will be completed, and the new refining complex will operate at its maximum capacity.

Restructuring is underway

At another time, he reported that the necessary actions are being taken to overcome the complex situation of the company. In that sense, he indicated that Petroperú has begun its recovery and 2024 will be a year of economic-financial transition for the company, in which its participation in the liquid fuels market will increase, projecting a positive EBITDA.

He pointed out that the company's Restructuring Plan, prepared by the international specialized consulting firm Arthur D. Little – Columbus, continues in compliance with the provisions of Emergency Decree No. 023-2022.

As part of this ongoing process, activities are being implemented aimed at strengthening the company's governance with the recent change of its corporate documents in order to have selection criteria and a structured process for the election of members of the Board of Directors. In addition, gender diversity guidelines are included for its composition, as well as the incorporation of professionals specialized in matters of relevance to the sector and the management of the company.

Likewise, a proposal for preparatory actions for an initial share offering has been approved in line with Law No. 30130, which will allow the company to incorporate in the medium term a private participation of up to 49% of its share capital in circulation. “This will be done when the company is on a different route, which we are already working on,” added Chira Fernández.