Hydrocarbon Exploration & Exploitation Activities in Peru [PDF]

A tubular well which discovered oil at 24 meters depht was drilled in. November 1863 in the north coast of Peru, Zorrito

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HYDROCARBON EXPLORATION & EXPLOITATION ACTIVITIES IN PERU

A little of history: Oil extraction and utilization in Peru began more than 10 centuries ago, when the natives used oil from outcrops or shallow reservoirs in the North Coast. Oil was used mainly for medical applications.

First Oil well drilled in South America A tubular well which discovered oil at 24 meters depht was drilled in November 1863 in the north coast of Peru, Zorritos field, Tumbes basin. This well began producing 60 barrels per day of 35° API oil, was the first well drilled in South America.

Peru is located within one of the most prolific trend in hydrocarbons in South America, the Subandean South America megatrend.

Fuente: Adaptado de USGS

There are 18 sedimentary basins with hydrocarbon potential in Peru, larger of them in the jungle.

Hydrocarbon exploitation in Peru has been developed during 140 years. Productive areas are located in four regions of the territory: • North Coast since 1863. • Central Jungle since 1939. • North Jungle since 1971. • South Jungle since 2004.

North Coast North Jungle

Central Jungle

South Jungle

Peru, Milestones in Hydrocarbon Industry ¾1863: First well drilled in South America, Zorritos Field, Tumbes, North Coast. ¾1869: First well in Negritos, Talara. ¾1939: First well and production in Agua Caliente Field, Central Jungle. ¾1959: First offshore well, North Coast. ¾1971: Discovery of Corrientes Field, North Jungle. ¾1977: Starts Northperuvian Pipeline Operation. ¾1984-1986: Discovery of Camisea gas fields. ¾1993: ¾1998: ¾2004: ¾2007:

Establishment of PERUPETRO Starts Aguaytia natural gas Project Start production of Camisea Gas Fields. First descentralized office of PERUPETRO

Present times:

CONTRACTS IN FORCE 110 88 66 44 22

Contratos de Exploración

20 07

20 04

20 01

19 98

19 95

19 92

19 89

19 86

19 83

19 80

19 77

19 74

19 71

0

Contratos de Explotación

¾ An evident new virtuous cycle of oil contracting began in 2005. ¾ It is estimated 100 Contracts in force for 2010.

Promotional Campaigns’ RESULTS Peru is performing promotional campaigns in order to intensify the Contracting and Hydrocarbon Exploration

December 31, 2004: 31 Contratos (14 Ex, 17 Prod.)

December 31, 2009: 87 Contratos (68 Ex, 19 Prod.)

Areas under Contract in Sedimentary Basins

18 18 SEDIMENTARY SEDIMENTARY BASINS BASINS MM MM Ha Ha

% %

Total Total Area Area

83.3 83.3

100.0 100.0

Areas Areas Under Under Contract Contract Areas Areas under under Negotiation Negotiation 13.8 13.8 Intangible Intangible Areas Areas

44.3 44.3 11.5 11.5

53.2 53.2

8.5 8.5

10.2 10.2

7.5 7.5

9.1 9.1

11.5 11.5

13.8 13.8

Areas Areas under under Agreement Agreement Available Available Areas Areas

% % Free Free areas areas for for contracting contracting % %

13.8 13.8

Oil & Gas Companies operating in Peru • • • • • • • • • • • • • • • • • •

AGUAYTIA ANDEAN OIL AND GAS BPZ BURLINGTON CEPSA COMPAÑIA CONSULTORA DE PETRÓLEO DAEWOO INTERNATIONAL CORPORATION EAST CAMERON PARTNERS DEL PERU ECOPETROL ENDEVCO EUREKA DEL PERU EMERALD ENERGY FAULKNER EXPLORATION GMP GOLDEN OIL CORPORATION GRAN TIERRA ENERGY GOLD OIL GRUPO PETROLERO SURAMERICANO HARKEN

• • • • • • • • • • • • • • • • • • •

HESS PERU HUNT OIL INTEROIL KEDCOM CO, LTD. KOREA NATIONAL OIL CORPORATION LOON PERU LIMITED MAPLE MAUREL ET PROM OLYMPIC PACIFIC STRATUS PAN ANDEAN PERENCO PETROBRAS PETROLERA MONTERRICO PETROLÍFERA PETROLEUM PETROMINERALES PERU PETROPERU PETROVIETNAM PLECTRUM PETROLEUM

• • • • • • • • • • • • • • • • • •

PLUSPETROL PVEP PERU RAMSHORN INTERNATIONAL RELIANCE REPSOL SAVIA PERU SIBOIL SAPET SHONA ENERGY INTERNATIONAL SK ENERGY SONATRACH PERU CORPORATION TÁLISMAN TECPETROL UNIPETRO UPLAND OIL&GAS VERAZ PETROLEUM VETRA PERU VIETNAM AMERICAN EXPLORATION

Liquid Hydrocarbon Production - Thousand Barrels per Day 160 140 120 100 80 60 40 20

Petróleo

09 20

08 20

07 20

06 20

05 20

04 20

03 20

02 20

01 20

00 20

99 19

98 19

97 19

96 19

95 19

94 19

93 19

92 19

91 19

19

90

0

Condensados

¾ Reactivation of drilling and production activities allows to maintain production of mature fields. ¾Start of Camisea Natural Gas Liquids Production in June 2004, overturned the declining tendency of production.

400

300

200

100

Talara

Talara-Zócalo

Aguaytía

-0 9 En e

-0 8 En e

-0 7 En e

-0 6 En e

-0 5 En e

-0 4 En e

-0 3 En e

-0 2 En e

-0 1 En e

-0 0 En e

En e

En e

-9 9

0 -9 8

Millones de Pies Cúbicos por día

Natural Gas Production - MMscfd

Camisea

¾ Production of Camisea Natural Gas originated a sales sustained growth. ¾ Sales of Camisea increased in average 50% per year since 2006, which originated an important change in energy consumption.

PERU LEGAL FRAMEWORK “ORGANIC LAW OF HYDROCARBONS” • In force and without changes since 1993. • The Hydrocarbons Exploration & Exploitation License Contract is a “Contract-Law”. • The property right over hydrocarbons is transferred to the Contractor at the moment of entering into a Exploration & Exploitation License Contract. • The “Contract-Law”, is protected by the Peruvian Constitution, once it is subscribed, it can only be modified by agreement of the Parties (PERUPETRO and the Contractor).

PERU LEGAL FRAMEWORK “ORGANIC LAW FOR HYDROCARBONS” • Import of goods and supplies during the Exploration Phase are exempted of any tax. • IGV (General Sales Tax) Anticipated Devolution during Exploration Phase. • State guarantees fixed tax regimes in force at the date of entering into a Contract. • The Contractor has free availability of hydrocarbons and can export them free of any tax.

PERU LEGAL FRAMEWORK “ORGANIC LAW FOR HYDROCARBONS”

• Central Bank of Reserve guarantees companies the availability of foreign currency. • Freedom to bring in and repatriate funds to and from Peru. No permits required. • Absolute freedom to fix hydrocarbon sales prices according to supply and demand.

PERUPETRO S. A. A State Company created by Law N° 26221 Hydrocarbons Organic Law - in 1993. PERUPETRO started activities in November 1993. According to law, its social objectives include among others:

¾ To promote investment in hydrocarbons exploration and production activities. ¾ To negotiate and subscribe oil contracts on behalf of the Peruvian State. ¾ To exercise the supervision of oil contracts.

LICENSE CONTRACTS IN PERU 9 Oil Companies own 100% property of hydrocarbons extracted by them. 9 Contract Terms: 30 years for oil and 40 years for Natural Gas. 9 Exploration Term: 7 years. Possible 3 years extension, to complete up to 10 years. 9 100% risk taken by Oil Companies. 9 Contracts consider a Royalty payment.

STABILITY OF CONTRACTS IS BASED ON: 9 Contract approved by Supreme Decree – same level as a Congress Law - “Contract–Law”. 9 Contract signed by PERUPETRO S.A. as a “Sociedad Anonima” follows corporate rules: So, the Contract is signed “Enterprise to enterprise”. 9 International Arbitration is part of the Contract; there is a specific Clause for this.

DEVELOPMENT OF NATURAL GAS IN PERU

MILESTONES •1998 AGUAYTIA NATURAL GAS PROJECT •2004 CAMISEA NATURAL GAS INTEGRAL PROJECT (Block 88) •2004 STARTS MASSIVE POWER GENERATION UNITS WITH NATURAL GAS •2004 STARTS DOMESTIC NATURAL GAS MARKET TO LIMA AREA •2008 STARTS PAGORENI NATURAL GAS TO SOLD NATURAL GAS LIQUIDS

PROJECTS IN EXECUTION •2010 STARTS EXPORTATION OF LIQUIFIED NATURAL GAS PROJECT •2013 – 2015 GAS PIPELINE PROJECTS TO SOUTHERN REGIONS.

INFRASTRUCTURE FOR NATURAL GAS DEVELOPMENT EXPLOITATION Ê Camisea Gas Fields

COLOMBIA

ECUADOR

Ê Gas Processing Plant in Malvinas - Camisea Ê Gas Liquids Fractionation Plant in the Coast (Pisco)

PERU

TRANSPORT

BRASIL

Ê Gas Pipeline: Camisea City Gate in Lima

Lima

NAFTA EXPORTACION

PLANTA CRIOGENICA

LPG

Ê Gas Distribution Network in Lima and Callao

PROJECT IN OPERATION SINCE JUNE 2004

GA S

DISTRIBUTION

Acre

Camisea

BOLIVIA

Ê NGL Pipeline: Camisea – Pisco

OS UID LIQ

PLANTA DE FRACCIONAMIENTO

Titicaca Lake

REFERENCIAS GASODUCTO DUCTO LIQUIDOS

LPG EXPORTACION CHILE

TCF

Total 35 TCF

Proven and Probable Reserves (at Medium Term) and Natural Gas Demand (Period 2009 – 2028) Blocks 88, 56, 57, 58 and others in South Jungle

Total 10,8 TCF 4,2 6,6 Reserves

Demand

Export Project (Perú LNG) Local Demand (20 Years)

A PROMISING FUTURE

Contracted Areas

¾ As consequence of intensive promotion and international biddings 2007-2010, PERUPETRO will have more that 100 contracts signed in 2010. ¾ There are important investments in heavy oil production in the North Jungle and Natural Gas and Condensates production in Camisea and adjacent Blocks. ¾ There will be an important increase of exploration investment in different areas of the country.

GREAT NATURAL GAS POTENTIAL Camisea and neighboring areas, Peruvian South Jungle Reserves of Natural Gas in Blocks 88 & 56 are 16 TCF. These areas are in production. Neighboring areas have an additional gas potential (+ 40 TCF). New discoveries: • Block 57: Kinteroni (2008) 2 TCF • Block 58: Urubamba (2009) Under Evaluation (2TCF)

Heavy Oil in North Jungle (Marañon Basin) ¾In 1970 and 1980 400 MMB were discovered in Block 1-AB. ¾500-600 million barrels were discovered between 1998-2006 in Blocks 39 and 67. ¾ Blocks 39 and 67 are partially explored. Potential of additional resources: more than 500 million barrels. ¾ Oil Production in Block 67 will begin in 2013.

Light Oil in North Jungle (Marañon Basin) Development of new areas ¾In 2005 light oil was discovered in Block 64. ¾In 2009 with additional drilling in Block 64 the last discovery was confirmed and also the discovery of new reserves in depth formations. ¾Reserves in Block 64 are estimated around 300 million barrels of light oil.

NORTH COAST Offshore & Onshore exploration in old and new areas

TUMBES & TALARA BASIN Cum. Production: 1,300 MMBO

•Potential in both basins: UP TO 2,000 MMBO (70% OFFSHORE)

•.

•First Oil well drilled in 1863 ...

MAIN PROJECTS IN COURSE

CAMISEA NATURAL GAS PROJECT Block 56 Block 88

• Location: South Jungle of Peru • Blocks 88 & 56 Reserves: • Natural Gas : 16 TCF • Liquids (NGL): 1,000 Million Bls • Total investment: 2,500 Million US $ • Blocks 88 & 56 Production : • Natural Gas : 1,300 MMscfd • Liquids (NGL): 80,000 BPD

• Camisea Project (Block 88) started production on year 2004. • Block 56 Project started production on year 2007.

Colombia

PERU LNG PROJECT

Ecuador

Project components: • LNG Plant • Gas Pipeline Brazil

• Dock and loading facilities Start of Operation: Year 2010

Pacific Ocean B o l i v i a Chile PERU LNG Pipeline TgP Pipeline

Status: Construction concluded Total Investment: 3,800 MM$ Production : 620 Million scfd Operator:

UPSTREAM ACTIVITIES AND FORECAST PRODUCTION

Upstream activities 2010 – 2014

(Related to the 68 exploration contracts in force nowadays) UP STREAM ACTIVITIES FORECAST DRILLING DEVELOPMENT WELLS EXPLORATORY WELLS

2010

2011

2012

2013

154 15

121 29

169 34

169 26

10592 4917

5480 0

1240 0

850 0

1528

2121

2175

1516

2014 TOTAL 170 26

783 130

SEISMIC 2D Km 3D Km2 INVESTMENT (US$ MILLION)

0 18162 0 4917 1791

9130

EXPLORATION ACTIVITIES 2010 – 2014 EXPECTED RESULTS

TOTAL EXPLORATORY WELLS SUCCESS FACTOR EXPECTED SUCCESSFUL WELLS EXPECTED RESERVES

130 10% 13 1300 MM BARRELS

We expect discoveries of 1300 MM barrels (or barrels of oil equivalent) as a result of the 2010 – 2014 exploration activities related to the 68 exploration contracts in force nowadays.

LIQUID HYDROCARBON PRODUCTION AND FORECAST er day) 400

MBPD

320 240 160 80 0 1990

1995

2000

2005 Oil

2010

2015

2020

NGL

Camisea Natural Gas Liquids Production overturned the declining tendency of production. Discoveries of light and heavy oil will increase the production.

ESTIMATED PRODUCTION – NATURAL GAS SALES MMscfd

M illone s de Pie s C úbicos por día

3000 2500 2000 1500 1000 500

19

0 98

20

00 002 0 04 006 008 010 012 0 14 016 018 020 022 0 24 026 028 030 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

Petroquímica

Exportaciones GNL

M.I. Tradicional

¾ In 2004, started commercial production of Camisea Natural Gas. ¾ In 2010, Peru will be the first exporter of Liquified Natural Gas of South Pacific.

PERUPETRO´S PROMOTIONAL CAMPAINGS Bidding Round Bidding Blocks

Blocks with Contracts Bid Winner in Force

¾ 2007 Process

19

13

13

¾ 2008 Process

22

17

12

¾ 2010 Process

25

Call for Bids: May 2010

¾ Although the world financial crisis, the Perú GDP growth of 4.5 % in 2009, and 6% average in the following 4 years. ¾ Increase of contracts, investment and future hydrocarbons production shall contribute in the GDP growth. ¾ Possibilities to use natural gas in new industries as Petrochemical. ¾ The execution of the Liquified Natural Gas Project will place Peru as the most important LNG exporter of South Pacific - America. ¾ Full force of a competitive contracting scheme, macro economic stability and legal safeguards of the country contribute to the present and future succes.

PERUPETRO S.A. Av. Luis Aldana 320, San Borja, Lima 41 – Perú Tel: 511 617-1800 Fax: 511 617-1801 www.perupetro.com.pe [email protected]

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