LatinNews Daily - 14 March 2023

In brief: Peruvian hydrocarbons lobby highlights dwindling reserves

* The Peruvian hydrocarbon lobby Sociedad Peruana de Hidrocarburos (SPH) has said that Peru’s proven oil reserves declined by 67.2% between 2013 and 2021, falling from 741m barrels to 243m barrels. The SPH also stated that natural gas reserves fell by 42% between 2016 and 2021, falling from 16.1trn cubic feet to 9.3trn cubic feet, which it blamed on low investment in exploration. SPH president Felipe Cantuarias said that “it’s undeniable that the downwards trend in the reserves began many years ago,” and added that Peru needs “urgent measures to attract investment and set in motion new exploration projects”.

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