The private sector has invested a total of US$ 19,019 million in the Peruvian hydrocarbon industry in the period from 1993 to 2022. This was stated by Arturo Vásquez Cordano, director of research at Gerens and former vice minister of Energy of the MINEM, in the presentation of the study. “Analysis of the impact of the hydrocarbon sector on the Peruvian economy”, in an event organized by the National Society of Mining, Petroleum and Energy (SNMPE).
Likewise, he announced that the contribution of this industry to the national GDP in the last 17 years is equivalent to 2% on average.
During the session, the impact of private investment in the development of productive activities in the hydrocarbon sector and benefits for the country were also highlighted, such as the S/ 62,763 million in royalty contributions in the period from 2002 to 2022. as well as the payment of S/ 54,775 million for Income Tax and other internal taxes from 2005 to 2022.
Vásquez Cordano explained that the regions of Peru where hydrocarbon companies operate have also benefited from the transfer of S/ 45,373 million for canon and overcanon in the period from 2004 to 2023.
Investments in northern Peru
An example of the investments made by private companies in the sector are those made on the northwest coast and the continental shelf, where a total of US$ 4,444 million was recorded in exploration and exploitation activities in this region, between 1993 and 2022.
Along these lines, he highlighted that, in said period, the Piura region received S/ 8,110 million for canon and overcanon; while Tumbes received S/ 2,397 million.
Potential for the use of resources generated by contributions on the north coast
The Gerens research director explained that with the royalties and remunerations generated by the hydrocarbon sector on the northwest coast and continental shelf in the last 22 years (S/ 30,580 million) different public works could have been financed, such as 402 High Schools Performance (COAR); 49.43 communal medical posts for primary care; 185 highly complex regional hospitals; 57,338 kilometers of paved roads – penetration roads; a 236 km highway model “Daniel Alcides Carrión”; or 5,365 kilometers of paved roads.
Competitive tenders as a solution to the need for investments
On the other hand, Vásquez analyzed the allocation of oil lots in countries such as Colombia, Argentina, Mexico and Brazil, which are governed by the principles of free competition, and the invitation and participation of national and international bidders. In this way, he stated, the maximization of investment value is achieved through competitive processes.
After the analysis of these cases, it was concluded that the recently adopted policy of allocating oil lots on the northwest coast (Talara and continental shelf) through direct negotiation without competition or international bidding is inconsistent with good international practices.
For this reason, Vásquez called to promote competitive international bidding that maximizes investment for the exploration and exploitation of hydrocarbons, generates maximum value for the collection of oil and gas royalties for the State, as well as greater royalty transfers to the regions.
Finally, he commented that in 1993 PeruPetro registered the existence of 143 million barrels in proven reserves of liquid hydrocarbons on the northwest coast and the continental shelf.
In this way, he noted that, if it is considered that the accumulated production between 1993 and 2022 was 392 million barrels, then the oil contractors with the investments they made (US$ 4,444 million) allowed the discovery of an additional 399 million barrels of liquid hydrocarbons. in that period. That amount did not exist when the Organic Hydrocarbons Law was approved in 1993.
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– 2024-05-07 01:12:18
