Wednesday, March 29, 2023

Mine approves contract modification for Block 95 with PetroTal, what has been added?

Approved by the Ministry of Energy and Mines, per Supreme Decree No. 006-2023-EM published in the official newspaper El Peruano, the modification of the license contract for the exploration and exploitation of hydrocarbons in Lot 95the country with the greatest crude oil, at PetroTal.

Specifically, the regulation indicates that “Clause Twenty-Third – Anti-Corruption and Clause TWENTY-FOUR – Development Fund” were incorporated into the contract.

Also read Block 95 oil reserves are rising: they are now estimated at 45.4 million barrels

What does it mean? As explained by Perupetro, in September 2022, which PetroTal will make a contribution to the Development Fund equivalent to 2.5% of the economic value of the audited production. Lot 95the same that will benefit the indigenous communities, the village and/or the local village of Puinahua (Loreto).

The value of the contributions to the Development Fund is directly related to the team the production of the Block, that is, the greater the production of hydrocarbons, the greater the amount Petrotal will contribute to the Development Fund.

Also read Lot 95: PetroTal announces an investment of more than S/ 475 million between 2023

The purpose of the said fund, Perupetro recalled, is solely and exclusively for the execution of development projects and will be handled by a private trust and management board.

It should be noted that PetroTal has deposited its contributions to the Development Fund in the bank as of January 1, 2022, which will transfer to the trust account once the modification of the license agreement is signed and the private trust for the Development Fund. .

From then on, PetroTal must deposit its monthly contributions in trust for the Social Development Fund, the first five business days of each month.

Also read Block 95: PetroTal puts a new well into production that reaches 3,650 barrels of oil per day

At the same time, a licensing agreement was also added Lot 95 an anti-corruption clause, similar to that signed by other contractors, a measure that seeks – told Perupetro – mechanisms for the protection and defense of the Peruvian State against the commission of the environment and the like.

As you remember, these changes (incorporation of the anti-corruption clause and the Social Development Fund) were mutually agreed upon. fifth session of technical table Block 95 which took place on September 15, 2022, at Iquitos (Loreto).

The said meeting was attended by representatives of Mine, PCM, the Indigenous Association for the Development and Conservation of Bajo Puinahua (AIDECOBAP), the Board of Puinahua Authorities (JAP), PetroTal and Perupetro.

Nation World News Desk
Nation World News Desk
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