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$Colombia and Latin America
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Peru's state-owned oil company plans return to production for first time since 1990s File under tragic comedy. Petroperu does an awful job of managing pipelines and refineries. It got out of the production business for good reason. Given a list of factors, it is highly doubtful that a national oil company in Peru could ever accomplish what publicly traded NOCs have done elsewhere. Lote 192 -- Frontera Energy's former production sharing contract -- will be co-produced with Petroperu though finding a JV partner appears to be taking a rather long time. FEC's contract expired in early 2020. -------------------------- Tragic. A publicly trading, functioning, reasonably competent NOC would make things much, much easier for multi-national O&G companies. It would help legitimize the sector and the activity. Tragic. An underfunded, expertise-poor Petroperu has cost the Peruvian economy and the Peruvian state good coin, lots of it. Tragic. Oil exploration and production likely constitute the smallest footprint of all the potential resource activities in the rain forests. With foresight and controls, oil production can be managed in harmony with abundant fish and wildlife. Now imagine that Petroperu somehow acquires more resources and fixes up the Oleoducto Nor Peruano. PetroTal would benefit. |
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