The Executive Branch formalized the law to create an environmental remediation contingency fund with S/.50 million (about US$15,898,251), allocated to finance actions of this type in sites impacted by hydrocarbon exploration activities in the northern rainforest of Peru.
In the context of this law, impacted sites are understood to be badly abandoned wells and facilities, contaminated soils, effluents, spills, leaks, solid waste, emissions, or waste deposits.
They also imply risks to health and require priority and exceptional assistance from the State.
The regulation stipulates S/.50 million (about US$15,898,251) as seed money to finance actions of environmental remediation in Pastaza, Tigre, Corrientes and Marañon river basins located in Loreto region.
Environmental restoration works should be carried out by the responsible operator, based on the principle of internationalization of costs.
This way those engaged in hydrocarbon exploration activities must ensure that negative environmental impacts will not stay after ceasing activities or abandoning facilities.
They should also consider such an aspect when designing and applying environment management tools in accordance with the existing legal framework.
As long as the remediation obligation does not come into effect, contingency fund resources will be used as seed money in order to implement environmental remediation actions within the scope of the law.
In case things do not run as expected, the Ministry of Energy and Mines will allocate –based on identified risks– the remediation contingency fund for environmental restoration.
(END) VVS/FHG/RMB/MVB
Published: 5/7/2015