The Ministry of Energy and Mines (MEM) promotes the reactivation of investment in the exploration and exploitation of hydrocarbons, reported today the vice minister of Hydrocarbons, Eduardo Guevara Dodds.
During his presentation at the Peru Energy 2019 forum, the vice minister said that it is necessary to have safe and reliable infrastructure and a legal framework that promotes new investments in exploration and exploitation, while respecting the environment.
“The current upstream situation requires actions by the State to implement conditions that improve Peru’s competitiveness and attract investment. We have to work on solutions that prevent contracts from falling”, he said.
“For example, it is necessary to adequately inform nearby populations about the compatibility of oil activity with their usual tasks. In addition, hydrocarbon activities must strictly comply with environmental regulations”, the vice minister added.
In this regard, he stated that the new Organic Law on Hydrocarbons (LOH), which is currently in the Energy and Mines Committee of Congress, “is necessary to improve the conditions that allow us to attract new investments in exploration”, as it competes with other countries in the region.
“According to the LOH, the exploration period grows from seven to ten years and the exploitation period is homogenized for natural gas and oil in forty years. For the extension of ten and twenty years, additional investments must be committed, the fulfillment of obligations must be evaluated and information must be provided on the activities being carried out”, he explained during his presentation.
Fuente: Andina