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Andean Group - June 2018 (ISSN 1741-4466)

Economic Highlights

PERU | Oil concessions repealed. On 23 May Peru’s energy & mining ministry repealed five decrees awarding oil exploration and exploitation concessions on five offshore blocks to multinational firm Tullow Oil. According to the decree published in the official gazette, the ministry said the concessions had been awarded by the previous administration led by former president Pedro Pablo Kuczynski (2016-March 2018, when he resigned amid corruption allegations), without affected local communities being properly consulted. Local fishermen and environmental groups in the north-eastern regions of Tumbes, Piura, Lambayeque, La Libertad, and Áncash had raised concerns about the potential environmental damage and the risk to local fishing stocks posed by the exploitation of the offshore blocks. However, the national mining, oil, and energy society (SNMPE) business grouping criticised the decision, complaining 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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