Weekly Report - 19 December 2006

PERU: Oil exporter. President Alan Garcí­a visited an area of the Amazon in the north-eastern department of Loreto near the border with Ecuador on 16 December, to see the site of an important oil find made in 1998 by the US firm, Barrett Resources LLC, but shelved because of the low price of crude. Rising prices now make a US$1bn project to construct oil wells, a processing plant and a 400km pipeline, financially viable. Peru currently produces 120,000 bpd of oil but consumes 150,000 bpd. Oil production is expected to increase to 220,000 by 2010. Garcí­a said that Peru would become an exporter by the end of his term in office in three years time.

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