Lot X in Piura: new contract aims to double crude oil production

Lot X in the Piura region is at the center of attention following the signing of a new licensing contract for its exploitation, with the ambition to double crude oil production in the coming years. This agreement, led by Perupetro S.A., grants management of the lot to a consortium made up of Offshore International Group Inc, Aguaytía Energy del Perú S.R.L., Termoselva S.R.L., and Petroperú, with the aim of boosting the growth of the oil sector in the country. The Government endorsed this agreement through Supreme Decree 008-2024-EM, which provides the legal framework for the exploitation of Lot X for the next 30 years. The consortium's participation allocation reflects a distribution of 60% for private companies and 40% for Petroperú, strengthening public-private collaboration in this important initiative. The new operator of Lot X is estimated to make a significant investment of US$800 million to boost crude oil production through the drilling of 1,144 development wells over a period of ten years. This injection of capital and technology aims to modernize operations in the area and significantly increase oil extraction in the region. Currently, Lot X contributes around 10,000 barrels of oil per day, representing 30% of Peru's total crude oil production. With the projected plans, the possibility of doubling this figure in the near future is envisioned, which would be a milestone in the country's energy sector and would significantly contribute to its economy. The focus on sustainable development is also reflected in this agreement, as it includes the creation of a Social Development Fund funded by 1.5% of the valuation of Lot X's monitored production. This fund will be allocated to projects that directly benefit the local community, ensuring a positive impact on the surrounding region. Hydrocarbon experts such as Alvaro Ríos and Carlos Gonzáles have expressed optimism about the prospects of doubling crude oil production in Lot X, although they point out that this process will require time and efficient execution of the established work program. Detailed planning of well drilling and the use of innovative technology will be key to achieving this ambitious goal. However, critical voices like that of former Petroperú president, César Gutiérrez, raise doubts about the feasibility of doubling production with the current approach. Gutiérrez emphasizes the importance of promoting exploration and questions whether the current strategy of refurbishing existing wells will be sufficient to achieve the set objectives. In a context where the oil industry faces challenges and opportunities on the national and international stage, the evolution of Lot X under its new operator emerges as a relevant case to follow. The impact of this initiative on the economy, employment, and regional development will be crucial for Peru's energy future and its positioning in the global hydrocarbons market.