Peru's crude oil production will rise by 5% this year, according to a forecast by Perupetro.
The state owned company, formerly Petroperu, estimates Peruvian crude production will rise to 132,000 b/d from 126,300 b/d in 1993 and 115,600 b/d in 1992.
PRODUCTION HIKES
Most of the increase in Peru's oil production will come from northern jungle fields operated by Occidental Petroleum Corp.
Oxy provides more than half the country's total production, with most of the remainder produced by Perupetro in the northern and central jungle and along the coast and by Petrotech International Corp. Inc., Wilmington, Del. Petrotech took over offshore operations from privatized former Petroperu unit Petromar SA at the first of this year.
Oxy is expected to produce an average 63,100 b/d from northern jungle fields, up from 57,300 b/d in 1993. In addition, Oxy will produce 5,000 b/d, down slightly from 1993's level, from its northern coast waterflood project operated in partnership with Bridas Exploracion y Produccion SA, Buenos Aires.
Perupetro expects to produce 25,600 b/d from its northern jungle fields, up from last year's level when they were operated by predecessor Petroperu.
Perupetro projects Petrotech production this year at 17,700 b/d. That compares with more than 20,000 b/d Petromar averaged in fourth quarter 1993.
However, Petrotech is kicking off operations with a maintenance program that will shut in a number of wells for workovers. Similarly, Perupetro does not expect significant increases in production from marginal fields transferred by Petroperu to private companies the past 2 years.
DRILLING, RESERVES
Perupetro anticipates companies will drip 12 exploratory wells and 110 development wells in 1994.
That compares with two exploratory wells that were dry holes and 61 development wells in 1993.
Oxy plans to drill four development wells in the northern jungle to maintain production, following completion in 1993 of its 2 year, 20 well drilling program.
Perupetro also forecasts companies will shoot 600 line-km of seismic survey in 1994.
It estimated Peruvian oil and condensate reserves at yearend 1993 at 400 million bbl, compared with 326 million bbl at yearend 1992. Perupetro pegs natural gas reserves at 7.039 tcf, mainly in the undeveloped Camisea fields complex Royal Dutch/Shell Group discovered during 1981 88.
EXPORTS, IMPORTS
Perupetro forecasts a widening gap between exports and imports of oil.
It expects combined exports of crude oil and refined products to rise to 47,200 b/d in 1994 from 45,200 b/d in 1993. At the same time, imports of crude and products are expected to fall to 38,600 b/d from 42,600 b/d in 1993. That means net exports will jump to 8,500 b/d from 2,600 b/d.
However, Peru's continuing surplus of heavy fuel oil will account for most of the volume increase in oil exports. Because it imports mostly higher cost crude and diesel and exports mostly lower cost heavy), fuel oil, Peru's petroleum trade balance will remain in the red in 1994. The cost of crude and products imports exceeded petroleum export revenues by $124 million during January November 1993.
Growing domestic production is slicing Perupetro's imports of crude oil, which is expected to plummet this year to 8,600 b/d by December from 27,700 b/d at the first of the year. Average crude oil imports for the year are pegged at 12,100 b/d.
Perupetro projects No. 2 fuel oil imports will jump to an average 14,500 b/d in 1994 from 7,300 b/d in 1993.
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