U.S. Energy Information Administration - EIA - Independent Statistics and Analysis
Country Analysis Note
- Peru is the eighth largest crude oil reserve holder in Central and South America, with 633 million barrels of proved reserves, as of January 2014, according to Oil and Gas Journal. Much of Peru’s proved oil reserves are located onshore in the Amazon region. Proved natural gas reserves in Peru were 15.4 trillion cubic feet in 2014, the third largest in Central and South America, following Venezuela and Mexico.
- Crude oil production in Peru has been declining since the mid-1990s, but the country’s total liquid fuels production has been bolstered by increased output of natural gas liquids (NGLs). As a result, total liquid fuels production has steadily increased over the past decade to average 175,000 barrels per day (b/d) in 2013, of which nearly 60% was NGLs.
- Petroleum consumption in Peru averaged 171,000 b/d in 2013. Peru imports crude oil and refined products to satisfy both domestic demand and export commitments. The country imports most of its crude oil from Ecuador, with smaller amounts from other countries in South America and West Africa.
- The vast majority of Peru’s refined product imports come from the United States, and its reliance on U.S. imports have been growing. Peru imported 63,000 b/d of petroleum products from the United States in 2013, increasing 142% since 2008. Nearly 80% of its product imports were distillate fuel oil.
- Peru has six oil refineries with a total crude distillation capacity of almost 199,000 b/d. Repsol YPF operates the largest refinery in the country, the 108,000-b/d La Pampilla refinery located in Lima. Most of the other refineries are owned by the state-owned company, Petroperú (not to be confused with Perúpetro, which negotiates and administers hydrocarbon contracts with companies). In addition to refining, Petroperú is heavily engaged in the production, transport, and distribution of oil.
- Dry natural gas production in Peru has grown rapidly since the Camisea field went on stream in 2004, from 30 billion cubic feet (Bcf) that year to 418 Bcf in 2012.
- Peru became a natural gas exporter in 2010 when it commissioned South America’s first liquefied natural gas (LNG) plant, Melchorita, owned by the Peru LNG consortium (U.S.-based Hunt Oil with 50%, SK Energy with 20%, Repsol YPF with 20%, and Marubeni with 10%). The plant currently has a capacity of 215 Bcf per year, and an additional second and possibly a third train are planned within the next four to five years. Exports of natural gas were 209 Bcf in 2013 according to FACTS Global Energy, and were sent to Spain, Japan, South Korea, and Mexico.
- Peru’s domestic consumption of natural gas has substantially increased from 16 Bcf in 2002 to 418 Bcf in 2012, driven by government incentives, economic growth, and the growing number of natural gas-fired electricity plants.
- Peru’s increasing demand for natural gas may affect the availability of future natural gas exports. According to IHS, the government has considered cutting natural gas exports in the past but recently reached an agreement with the consortium Peru LNG to continue exports at current rates as long as the domestic need was met.
- In 2009, shale gas was found in the Devonian shale beneath the Santa Rosa 1X well, which was drilled by Maple Energy in its Block 31E. Shale gas has not been previously developed in Peru, and Maple Energy is currently seeking investment partners for development at Santa Rosa.
Analysis Last Updated: June 2014
Overview data for Peru+ EXPAND ALL
-- = Not applicable; NA = Not available; E = Estimate value
Sources: EIA. For more detailed data, see International Energy Statistics.
Data last updated: May 30, 2013
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