The Petroperú Board of Directors establishes restructuring and austerity actions

The president of Petroperú, Carlos Linares Peñaloza, reiterated the Board's commitment to maintaining transparent management focused on the financial stabilization of the company and strengthening governance, during the virtual presentation of the results of the fourth quarter of 2023 to investors and financial institutions, in which he was accompanied by the company's management team.

“Our management focuses on the execution of the actions provided for by Emergency Decree No. 004-2024, in which facilities are provided to meet immediate needs and those that guarantee appropriate liquidity for the company's activities,” he noted. him at the beginning of the day.

Regarding access to guarantees established in Emergency Decree No. 004-2024, the general manager of Petroperú, Luis Gonzales Talledo, announced that work is being done on the contract project with the Ministry of Economy and Finance (MEF) and the Bank of the Nation. Likewise, it was specified that the list of all assets and properties of the company established as counter-guarantee has been submitted to the MEF.

At another time, it was reported that the company has been developing actions for the gradual recovery of credit lines, mainly for the purchase of oil and oil products.

It was also reported that through Board Agreement 031-2024 of April 1, 52 restructuring actions have been prioritized for this year, based on the recommendations established in the plan proposed by the Arthur D. Little / Columbus MB Latam Inc. consortium. Likewise, it was announced that the Board of Directors has approved, on the same date, additional provisions on austerity, discipline and quality standards in spending and personnel income for the current year.

New Talara Refinery

In relation to the New Talara Refinery (NRT), it was reiterated that it continues to produce fuels to meet the demand of the company's customers. From July 2022 to March 2023, Petroperú's modern refining complex has produced nearly 26 million barrels of fuels including gasoline, diesel and low-sulfur LPG, Turbo A-1 and others.

With respect to the Flexicoking Unit, it was reiterated that the aforementioned deep conversion plant, since February 8, has been presenting problems in its operations; Due to this, as of March 30, it has temporarily suspended its operations to carry out inspection and repair work for an estimated period of 90 days, which include the respective start-up maneuvers, with the aim of guaranteeing its continuity and reliability. operational.

It is expected that this temporary suspension will have an impact on Petroperú's initial EBITDA projections, which are estimated to amount to $200 million by the end of 2024.

Oil lots

Petroperú maintains sustained production in lots I, VI and Z-69 in the northwest of the country, with an estimated daily production of more than 7 thousand barrels of oil, more than 31,000 million cubic feet per day of gas and one thousand barrels per day of natural gas liquids. Between the three lots, an EBITDA of 65.3 million dollars is estimated by 2024.

In addition, it was reported that since the end of March they have been working with the Canadian company Altamesa to put Lot 192 into operation and in the coming weeks the search for an operating partner for Lot 64 will begin. In both projects, the investments will be the responsibility of operating partners.