Petroleo Brasileiro SA (PETR4) and Colombia’s Ecopetrol SA (ECOPETL) are among energy companies aiming to increase investments in Peru by a combined 50 percent to $1.54 billion this year, amid the country’s presidential runoff, said the president of state oil contracting agency Perupetro.
Brazil’s state-controlled oil company known as Petrobras, Ecopetrol, Argentina’s Pluspetrol SA and Calgary-based Gran Tierra Energy Inc. (GTE) will drill a dozen exploration wells in the Amazon jungle and off Peru’s coast this year, twice the average annual figure, Perupetro’s Daniel Saba said June 1 in an interview in Lima. Peru elects a new president in two days.
“With more companies entering Peru, more wells are being drilled,” said Saba, who awarded 14 exploration contracts in October. “Oil companies are in it for the long term and none of them have said they’re leaving.”
The Andean country’s stocks, bonds and currency slumped June 1 on investor fears that former army renegade Ollanta Humala, who pledged to rewrite oil and mining contracts and halt gas exports if elected, may win the June 5 vote. Humala was statistically tied with Keiko Fujimori in the latest poll. Fujimori has promised to try to attract foreign investment.
Peru, which tripled natural gas output to a record 1.03 billion cubic feet a day in April from a year earlier, has lined up $10 billion in energy projects through 2016 in a bid to double crude output and gas reserves, according to the Energy Ministry. Companies including Canada’s Talisman Energy Inc. (TLM) and Spain’s Repsol YPF SA (REP), which have signed a record 86 contracts to date, invested $987 million last year.
Fuente: Bloomberg.
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