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Andean Group - January 2020

Economic Highlights

PERU | Oil expansion targeted. On 10 January, Peru’s energy & mining minister Juan Carlos Liu announced the goal of producing 100,000 barrels of oil per day by 2023. This represents a significant increase on the 53,000 barrels per day averaged in 2019, but Liu expects this rapid acceleration to be facilitated by the discovery of new deposits, and through infrastructural investment to consolidate existing production. Liu confirmed that drilling will begin soon in the promising Block Z-64, off the coast of the northwestern Tumbes region, and insisted that this will be conducted “with respect to the environment”, although offered no further details. Hopes of improving existing infrastructure have been encouraged by the apparent success of the Talara refinery modernisation project, a US$5bn expansion of Peru’s second largest oil refinery, in the northwestern region of Piura. State-owned oil company Petroperú say the project, intended to increase the refinery’s processing capacity from 65,000 to 95,000 barrels a day, will be completed ahead of schedule, within the first half of 2020.

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