Andina

Peru has high potential to attract new hydrocarbon investments

08:29 | Lima, Feb. 21.

Energy and Mines Minister Jorge Montero met with CNPC Peru CEO Wan Guang Feng with whom he discussed the country's hydrocarbon potential and investment opportunities in exploration and exploitation projects in the Amazon, contributing to economic recovery.

The Peruvian government official emphasized the importance of securing new reserves to support the hydrocarbon sector's growth, attracting investors with recognized prestige and experience to help maximize the value of the country's resources.

"We have a good relationship with the communities, and for them, the reactivation of oil fields is important, as it will foster greater economic growth in their localities," he added.

Minister Montero stated that he is working alongside Deputy Hydrocarbons Minister Iris Cardenas on reactivating oil activities in Loreto region.

This initiative is expected to increase crude oil production, which would enable the operation of the North Peruvian Pipeline and the New Talara Refinery.

Additionally, the Cabinet member announced plans to visit the Corrientes, Pastaza, and Tigre river basins, where remediation efforts will begin in areas impacted by past hydrocarbon activities.

"For the first time, the (Peruvian) State will invest a significant amount in the remediation of affected sites, addressing the demands of communities. We will bring important announcements for them," he said, highlighting the coordination achieved with indigenous leaders (Apus) and representatives from Amazonian communities.

In turn, the CNPC executive expressed the company's continued interest in Peru, considering the hydrocarbon subsector as both profitable and attractive.

He also praised the actions and efforts by the Ministry of Energy-Mines (Minem) to facilitate new projects.

It is worth noting that Minem's vision for the sector by 2040 is to establish an energy system that reliably, continuously, and efficiently meets national energy demand; promotes sustainable development; and is based on planning, research, and technological innovation.

(END) NDP/GDS/MVB

Published: 2/21/2025