The hydrocarbon sector makes up 2% of Peru's gross domestic product (GDP), the
National Society of Mining, Oil, and Energy (SNMPE) reported on Tuesday.
"The hydrocarbon sector accounts for 2% of the country's GDP and contributes nearly 19% in terms of income tax collection, royalties, and special taxes directly generated by this sector," SNMPE Hydrocarbon Sector Manager Graciela Arrieta explained.
"The industry has experienced an important investment climate over the past 20 years. For example, 87 exploration contracts were signed by the Peruvian State in 2009," she remarked.
During the "Peru Energia Norte" event, Arrieta stated that only eight contracts were signed between 2020 and 2021, of which six are in a situation of force majeure.
"Investment in exploration has only reached US$3.2 million in 2021, the lowest figure in recent years," the SNMP manager said.
"Certainly, investment had already been declining in previous years due to the lack of promotional measures and, obviously, due to the impact of the pandemic," she added.
Arrieta noted that oil production reached 21,000 barrels per day in February, which generated about S/7 million (about US$1.8 million) in income for regional governments, municipalities, and universities.
"Production has seen a negative growth as of March 2022, due to the effects of social conflict, and this will be reflected in the transfers of income for regions," she said.
(END) CNA/RMB
Published: 3/29/2022