LatinNews Daily - 24 May 2018

In brief: Peru

Peru: The energy & mining ministry has repealed five decrees awarding oil exploration and exploitation concessions on five offshore blocks to multinational firm Tullow Oil. In a decree published in the official gazette, the ministry explained that the concessions had been awarded by the previous administration led by former president, Pedro Pablo Kuczynski (2016-March 2018), before Kuczynski resigned amid corruption allegations and without properly consulting with the local communities located near the concessions. Local fishermen and environmental groups in the north-eastern regions of Tumbes, Piura, Lambayeque, La Libertad, and Áncash have expressed concerns about the potential environmental damage and risk to local fishing stocks posed by the exploitation of the offshore blocks. However, the decision was criticised by the national mining, oil, and energy society (SNMPE) business grouping, which complained that it will “generate uncertainty among investors” and that it undermines Peru’s oil industry at time when national oil production has fallen by 35%.

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