Watching Government: Peru's agenda

Peru estimates it needs drilling investments of $287-360 million/year over the next 5 years in order to double its oil reserves to 700 million bbl.Perupetro Pres. Rafael Samaniego said drilling should total 40-50 wells/year, each costing about $7-8 million.Therefore, he said, the nation needs investments totaling $112.5-150.0 million/year just to replace the oil it consumes, about 45-50 million bbl/year, and to maintain current reserves of 350 million bbl.Peru's reserves peaked at about 820 million bbl in the early 1980s and have been declining since. Production averages about 100,000 b/d.Samaniego made the statements Sept. 4 in Lima during discussions about the oil industry held by t...

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