Energy and Mines Minister Francisco Ismodes has projected Loreto region-based Block 95's exploitation will expand national petroleum production by 25%.
According to the high-ranking official, current petroleum production amounts to 40,000 barrels per day, and block 95's exploitation would increase it by 10,000 more on a daily basis.
Likewise, this would strengthen petroleum activity and enable the closure of gaps between the sector's supply and demand.
"We welcome this decision and stress the need, in our country, to receive this kind of investments in the
hydrocarbon sector (…)," the MEM representative expressed.
Furthermore, it is important to mention there is an investment worth over US$300 million in PetroTal's project, the one which had been worked on since 2005.
Closing Gaps
On the other hand, Minister Ismodes pointed out his portfolio —when working with this kind of financing— boosts sustainability and the well-being of the region from where the resource is extracted.
He went on to add MEM not only promotes investments. It also works with the Economy and Finance Ministry (MEF), Presidency of the Council of Ministers, and the Executive Branch in order to close social and economic gaps existing in the Inca country.
"This way, the resources generated from the
hydrocarbon activity will be truly destined towards improving the education (system) and reducing poverty (…)," the MEM representative concluded.
(END) DTK/MVB