Oil and gas production in Peru: advances and challenges in the hydrocarbon sector.

The recent information published by the Peruvian Society of Hydrocarbons (SPH) provides an updated overview of oil and natural gas production in the country, revealing important data about the most productive blocks. In particular, blocks 95 in Loreto and X in Piura stand out, leading in the production of oil and condensates, with figures reaching 14.36 and 7.70 MBPD respectively. This trend highlights the importance of these regions in the national energy context, despite the challenges and fluctuations faced by the industry. Although the production of oil and condensates in August was 38.57 MBPD, which represents a decrease compared to the previous month, it is important to note that this figure is 2.5% higher than the production recorded in the same month of the previous year. This slight rebound can be interpreted as a sign of recovery and stability in the sector, as the country seeks to diversify its energy sources and improve efficiency in the exploitation of natural resources. Despite this progress, the SPH also reported that several blocks, including Block 67 in Loreto and several in Tumbes and Piura, are not producing. The existence of these inactive blocks raises questions about investment and the development of the necessary infrastructure to maximize the hydrocarbon potential of the country. The current situation suggests that a renewed approach is required in the management of these resources and in attracting investments that can activate these inactive fields. Additionally, the production of natural gas has shown a slight decline, decreasing from 1,430 million cubic feet per day (MMCFD) in July to 1,387 MMCFD in August. However, compared to the same month last year, there is a 9.5% increase, indicating that while there are short-term drops, the long-term trend remains positive. This growth in natural gas production is crucial for the country’s energy development, as gas is a fundamental resource in the Peruvian energy matrix. Gas production also reflects the potential of certain blocks that have demonstrated significant growth, such as Block 88, which reported 910 MMCFD, as well as Block 56 and Block 57, which also made important contributions to total production. Optimizing these blocks could be key to ensuring a stable and competitive supply of natural gas in the future, thus contributing to the country’s energy self-sufficiency. It is relevant to mention that the situation of the hydrocarbon sector in Peru is not limited to production numbers alone. The management of Petro-Perú has been at the center of the debate, with the government considering changes to its board and the appointment of a new Project Management Office (PMO). These decisions are fundamental to ensuring transparency and effectiveness in resource management. The Central Reserve Bank (BCR) has also indicated that it is difficult to find infrastructure projects in the country that are not profitable, highlighting the need for reforms that enhance investment in the hydrocarbon sector. The ability to attract private capital and promote public-private partnerships may be decisive for the future of oil and gas production in Peru, especially in a context where energy demand continues to grow. As the country moves forward in recovering its hydrocarbon production, it will be crucial to implement policies that promote not only investment but also environmental sustainability and respect for local communities. A comprehensive approach that considers the economic and social interests of affected populations will be key to advancing the exploitation of these resources in a responsible and effective manner. In conclusion, the analysis of oil and gas production in Peru reveals both opportunities and challenges. Recent figures show a mixed picture, with productive blocks standing out and others requiring attention. The key to the future of the sector lies in the government and companies' ability to foster a favorable investment environment while ensuring the well-being of communities and the sustainability of resources.