LatinNews Daily - 10 January 2023

In brief: Peru’s oil sector struggles to rebound

* The Peruvian hydrocarbon lobby Sociedad Peruana de Hidrocarburos (SPH) has highlighted that oil production failed to rebound in 2022 following a slump from 2020-2021 during the coronavirus (Covid-19) pandemic. Citing production figures from state oil company Petroperú, SPH said that production averaged at 40,538 barrels per day (bpd) in 2022, which it noted was “slightly higher” than the 38,391 bpd registered in 2021. SPH attributed the “low results” to social conflicts in forested areas, stating that one pipeline, the Oleoducto Norperuano (ONP), has suffered 14 attacks in the past year. SPH warned that low production rates mean that Peru is only able to produce 25% of the fuel needed for economic activities and that the remainder is imported at an annual cost of more than US$6bn, which it noted is equivalent to over 10% of the 2023 national budget.

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