Peru

Indigenous Leaders Threaten Access To One Of Peru’s Largest Oilfields

28 Aug 2017   Peru

Indigenous leaders in Peru will obstruct the government’s access to one of the country’s largest oilfields if an indigenous rights law does not take effect in the next 20 days, according to a new report from the Guardian . Tribal leaders from four separate Amazon basins will collude in blocking Lima from current production areas after the government negotiated a 30-year contract with Frontera Energy to explore block 192 without consulting local indigenous people. Canadian Frontera’s current contract expires in early 2019. A 2011 prior consultation law requires the government to seek the consent of any indigenous groups that would be affected by a prospective fossil fuel project. The energy ministry argues that a previous consultation process that began in 2015 still applies to the new contract, but the tribes insist that the previous talks were carried out in “bad faith.” “We live in a state where our democratic […]

After Lima, Peru criticized for oil policies

16 Dec 2014   Peru

U.N. frustrated with Peruvian decision to sanction oil operations in remove Loreto area. (UPI/Shutterstock/sittitap) LIMA, Dec. 15 (UPI) — The United Nations said Monday it was concerned by a Peruvian proposal to sanction oil operations despite a legacy of heavy pollution and rights abuses. Human rights experts working for the United Nations said there were frustrated with a Peruvian government decision to start operations in the northern Loreto region in one of the more desolate parts of the Amazon Rainforest. The operation comes despite an agreement between aboriginal groups and the state-owned Petroperu to clean areas contaminated by more than 40 years of oil spills. “Companies extracting oil in this region have left behind a toxic mess with disregard for the rights of affected communities and laws of Peru,” U.N. special envoy for human rights and hazardous substances Baskut Tuncak said in a statement. The Peruvian government in recent […]

Peru Moving Forward With Energy Project Despite Concern for Native Tribes

1 Feb 2014   Peru

Peru is pushing forward with an expansion of the country’s biggest natural gas project despite concerns about its potential impact on indigenous tribes living deep inside a remote Amazon reserve. The Mines and Energy Ministry this week approved a key environmental permit that will allow the Camisea consortium to carry out a $480 million exploration program at its Block 88 concession. The consortium, led by Argentina’s Pluspetrol Norte SA, plans to drill 18 exploration wells and conduct seismic testing in a part of the concession that overlaps with the Kugapakori-Nahua-Nanti indigenous reserve. President Ollanta Humala’s administration is keen on finding new reserves at the Camisea gas fields, which are an important source of tax revenue and seen as a supply of low-cost fuel for the national market. The consortium paid $1.3 billion in royalties in 2013. Camisea produces almost all of Peru’s natural gas from Block 88 and […]

PetroChina to buy Petrobras’s Peru assets in $2.6 billion deal

16 Nov 2013   China, Peru

PetroChina Co. Ltd.’s indirect subsidiaries CNPC E&D Holdings Cooperatief UA and CNODC International Holding Ltd. have agreed with Petroleo Brasileiro SA’s wholly owned subsidiaries Petrobras International Braspetro BV and Petrobras De Valores Internacional De Espana SL to buy Petrobras Energia Peru SA for $2.6 billion. PetroChina stated the purchase will help expand the scale of its oil and gas operations in Latin America and drive the sustainable development of its overseas business. A wholly owned subsidiary of Petrobras , Petrobras Energia Peru owns assets totaling $1.42 billion with $660 million in net assets, as of yearend 2012. The company’s revenue from core businesses that year was $600 million with $102 million net profit. Petrobras Energia Peru holds 100% interest in two blocks and 46.16% interest in one block in three of Peru’s oil and gas fields. PetroChina said the blocks combine for an output 800,000 tons/year of oil equivalent, […]

CNPC, PetroChina to Buy Peru Oil, Gas Assets From Petrobras for US$2.6 Bln

13 Nov 2013   Peru

China National Petroleum Corp., the country’s largest integrated oil producer, will pay US$2.6 billion for oil and gas assets in Peru, in the latest foray by China’s state-owned oil firms into Latin America. CNPC and its unit PetroChina Co. (0857.HK) have reached a deal with Brazil’s state-owned Petroleo Brasileiro SA (PBR), or Petrobras, to buy Petrobras Energia Peru S.A., which owns three oil and gas blocks in Peru, the Chinese firm said Wednesday. China has looked to Latin America and Africa in recent years to meet its energy needs, with domestic oil output slowing in the past decade as its fields mature. PetroChina has said it aims for overseas production to account for half of its business by 2015. PetroChina produced a total 67.5 million barrels of oil equivalent overseas in the first half of 2013, up 8% on year and accounting for 9.7% of […]