UK Trade & Investment – Peru

Michelle de Rivero, Business Development Associate

Michelle de Rivero Cary-Barnard

Michelle de Rivero Cary-Barnard, Business Development Associate at the UK Trade & Investment Section in the British Embassy Lima, Peru since1996. Previous experience of nine years in the private sector mainly in the mining industry. Leading sectors are Mining, Oil & Gas and lately ICT. Key role is to explore and promote business opportunities for UK suppliers and to provide support and advice to UK companies interested in the Peruvian market.  Strong working relationships with key institutions, companies and associations in Peru.  Educational background on Marketing – IPAE and specialisation on International Trade – ADEX. Main areas of expertise: Strategic planning and implementation, Marketing and Business Development.

Oil & gas sector in Peru

Growing market with new reserve discoveries, 93 concession contracts and US$ 9,100 million investment for exploration and production in the 3 next years.

Market overview
Peru is a country with an increasing potential in the oil & gas industry with oil reserves in all of the country’s territory including the mountains, jungle, coast and offshore.

This performance is due to the expansion of Pluspetrol, Petrobras, Savia Peru and BPZ Energy. The largest liquid hydrocarbon fields are BPZ with block Z-1 (51.1%); Pluspetrol block 88 (28.9%) and block I-AB (14.1%); and Olympic’s block XIII (20.8%).

The start of operations in block 67 owned by the Anglo-French Perenco in 2013, will be important for Peru’s capacity to become a net exporter of oil.

Brazilian owned Petrobras was responsible for the most important discovery, announcing reserves of 1.7 trillion cubic feet of natural gas in block 58. The Canadian Talisman company found light oil in block 64, but hasn’t announced yet the volume of reserves.

Key opportunities
Construction of the South Andean Gas Pipeline “Gasoducto Sur Andino” project was announced by the Ministry of Energy and Mines. The first stretch of the pipeline will be constructed by Kuntur Transportadora de Gas (Peru) as soon as the natural gas of block 88 is assigned for local massive consumption. The investment amount for this project has not been given yet. The length of the pipeline will be 1,085 Kilometres.

Energy Minister also announced the modernisation of the Talara Refinery operated by Petroperu the oil state owned company, with an investment of more than US$1 billion.

Antonio Brufau, the Executive President of the Spanish oil company Repsol in Peru announced an investment of US$3 billion for the next five years.

Brazilian Petrobras announced through their Ambassador in Peru, Alfredo Lazary Teixeira, that the company will invest US$ 1.3 billion in the next five years. He explained that Peru will receive 13% of Petrobras’s total foreign investments.

Savia Peru (former Petrotech) has submitted an EEIS to the Ministry of Energy and Mines for their project Punta Lagunas in Sechura (Piura) to transport gas through three marine ducts with an investment of US$12 million. The company’s investment plan until 2016 is estimated at US$2.5 billion and will target mainly the development of its block Z-2B, adding to the other ten blocks under exploration.

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