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Peru's Oil & Gas Investment Guide

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Peru's Oil & Gas Investment Guide Peru’s oil & gas investment guide 2018 / 2019 June 2018 About this oil & gas investment guide The oil & gas industry in Peru has evolved from an industry in decline to a major contributor to economic growth in Peru. From 1995 to 2014, investment in this sector increased from US$147 million to US$1.19 billion, or an increase of 800%. For years 2018-2019, it is expected that US$2.0 billion will be invested in around 16 oil & gas projects, which represents 11.1% of all the investments to be made in 2018-2019. Among other key factors in the success of this industry is its enormous potential. Currently, Peru has the potential and reserves to produce more than 150 thousand barrels of oil across the country (including both onshore and offshore blocks). Synergies created between production from the Camisea Project and other industries (energy, mining, industrial, among others), have also contributed to an increase in this potential. Moreover, the increasing demand of electricity in Peru during the last twenty years due to the development of mining and industrial projects, 2 and the growth of its main cities, has also served information regarding Gas to Power and other to better position primary fossil fuels such as oil sources of energy (i. e. renewables). In light of & gas in the country’s energy structure. However, this, an overview of the energy sector, investment this situation is going to evolve in the coming conditions, and opportunities are also detailed. years. Furthermore, this guide offers a wide range of The 2014-2025 National Energy Plan highlighted information, from a macroeconomic perspective the need to diversify the sources of energy (overview of Peru’s political structure, business production due to trends of investment in clean environment and favorable investment promotion energy in the global market. conditions) to specific key indicators, regulatory requirements, growth potential and also some In this context, this oil & gas investment guide information regarding topics currently discussed is structured to help investors broadly evaluate by experts in the field of oil & gas. Peru’s oil & gas sector investment conditions and provide them a general updated landscape of the Regarding the oil & gas and energy market, industry. In that sense, we have included various we have included a description of terms and aspects usually taken into consideration by applicate fiscal regime, considering major investors from around the world before making government taxes, royalties and other similar critical decisions on the development of new oil & levies, as well as an overview of the customs, gas operations. labor, environmental, anti-corruption and accounting regulations that should also be Pursuant to the future scenario in which non- taken into account when starting a business and conventional sources of energy will take an developing activities in Peru connected with important place in the national energy matrix, these markets. this year, the guide has included relevant 3 Why Peru? What oil & gas investors should know “The difference between good investment decisions and bad investment decisions is the right information at the right time” 4 This oil & gas guide was the first, and still is the first, handbook of its kind. Since its first edition (2014), the objective of this document has been its use as a guide and tool in the process of evaluating the oil & gas landscape in Peru to ensure that foreign investors have the most recent and accurate information to start and develop their operations in Peru on a long-term basis. With this guide, EY demonstrates its Paulo commitment to contribute to Peru’s progress, Pantigoso through our support for business ventures, Country Managing growth and success. We provide readers with the most recent information on the country’s Partner shining economic performance, as well as important technical information on how to establish businesses in Peru. At EY we are committed to contributing towards attracting investment that can increase the prosperity of our economy, and we are sure that the oil & gas industry has the potential to provide such growth. We invite you to contact us with your questions and we wish you all the best with your oil & gas investment opportunities in Peru. Contact information 5 Peru’s longstanding tradition as an oil producing country dates back to the end of the 19th century, when the northern region of the country hosted the very first oil well drilling in South America. It should be noted that this region is still producing hydrocarbons. More recently, Camisea, a major project regarding one of the most important natural gas reservoirs in the region, started production in 2004. This project boosted the Peruvian economy in every aspect by providing a reliable source of cheap and eco- friendly energy, diversifying the energy matrix and making of Peru an exporter of liquefied natural gas since 2010. Peru’s economy has been growing at annual rates above other Beatriz countries in the region, largely supported by the prices of De La Vega commodities. In times where the international price of crude Energy Leader seems to be entering a period of stabilization, Peru has much to offer to actual and potential investors. For example, not only and Editor can investors count on eighteen basins, from which almost fifteen are under-explored, but also on promising Blocks of nearby successful projects, such as Camisea’s and others located offshore. This holds golden opportunities for investors as much of the country is still open to vast exploration. Hence, the Government is trying to crystalize such opportunities by promoting regulatory amendments as well as clarity to the environmental permits processe. Moreover, in order to optimize proven reserves of natural gas, efforts to continue and conclude midstream projects are underway by the Peruvian government. The objective is to spread the use of hydrocarbons throughout all Peruvian territory as Contact information a part of what is known as the “massification of natural gas”. This macro-project brings opportunities in the development of distribution concessions to residential and industrial users as well as Gas-to-Power projects. Notwithstanding the long-term objectives, renewables and petrochemical projects are also a goal to meet in the future. Peru is compliant with the EITI standard (Extractive Industries Transparency Initiative) since 2007, consolidating during the last ten years its proven leadership in fiscal transparency in extractive industries in Latin America. Currently, Peru is one of 16 EITI compliant countries showing meaningful progress, out of 51 countries in total. International investors are a crucial part of the growth and success of Peru’s oil & gas exploration and production. Peru welcomes foreign investment with an open and stable regulatory environment. 6 In times where the international price of crude seems to be entering a period of stabilization, Peru has much to offer to actual and potential investors. 7 Néstor Popolizio Peruvian Minister of Foreign Affairs Ministry of Foreign Affairs “Peru’s Oil & Gas Investment Guide” is a valuable tool for foreign and national investors. It contains updated and complete information about the current investment climate in the hydrocarbons sector, its open and stable regulatory environment, including fiscal transparency in extractive industries and its positive outlook. Peru’s hydrocarbons sector has great potential for exploration, exploitation, distribution, and commercialization. For instance, although Peru has 18 sedimentary basins with hydrocarbon exploration potential, only three of them are being fully exploited. As such, significant areas with hydrocarbon potential remain unexplored. Oil and gas exploration and production require licenses or service contracts granted by the Government of Peru. There has been a reduction in investment, both in exploration and exploitation, due to the drop of international prices. According to Peru’s 8 It is important to emphasize that the oil and gas sector has a positive impact on the economy of Peru and its Pacific Alliance partners Central Bank, hydrocarbons account for 12% and good practice standards, in accordance with of total investments estimated for the 2018- the country’s aim to become a full OCDE partner 2019 period, which shows its importance for in the near future. Peru’s economy. Estimates of hydrocarbon It is also important to emphasize the positive investment for the years 2018 and 2019 are at impact that the oil and gas sector has had on approximately US$4 billion, and its growth rate the economy of Peru and its Pacific Alliance is forecasted at 1,8% for 2018, after two difficult partners. Peru led export growth within the years marked by low oil prices. Pacific Alliance in 2017, with a 22,6% increase, In the last decades, Peru has shown to be a reaching a total of US$ 44,502 million, well strong economy with GDP growth, exchange rate above the growth rate of our partners Colombia stability, low inflation, rule of law, and an open (19%), Chile (9,9%), and Mexico (9,4%). The market. Consequently, Peru has held its place dynamism of Peru´s exports last year are as regional leader in terms of economic growth, due mainly to increases in exports from the despite changing global economic and political hydrocarbon, mining, and agro-industrial conditions. sectors. Oil and natural gas exports grew 70,4%, with significant increases in diesel (569%) and Likewise, Peruvian credibility within the gasoline (112%) shipments. The Pacific Alliance’s international community has strengthened exports grew by 11% in 2017, driven by more thanks to sound macroeconomic management, shipments of oil and derivatives (25%) and consistent private investment promotion policies, mining (21%). and continuing efforts to improve public policy 9 Eduardo Guevara Dodds Peruvian Vice Minister of Hydrocarbons Ministry of Energy and Mines The Government, through the Ministry of Energy and Mines (MEM), supports and promotes the development of the hydrocarbons sector by promoting investment that is responsible, transparent, law-compliant, eco-friendly, and respectful of individuals.
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