U.S. Energy Information Administration - EIA - Independent Statistics and Analysis
Country Analysis Note
- Peru is the seventh-largest crude oil reserve holder in Central and South America, with 579 million barrels of proved reserves. Much of Peru's proved oil reserves are onshore, and the majority of these onshore reserves are in the Amazon region. Proved natural gas reserves in Peru were 12.7 trillion cubic feet, the fourth-largest in Central and South America, following Venezuela, Brazil, and Trinidad and Tobago.
- 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 (NGL). As a result, total liquid fuels production has steadily increased over the past decade to average 160,000 barrels per day (bbl/d) in 2012, of which more than half was NGL.
- Petroleum consumption in Peru averaged 172,000 bbl/d in 2012. 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. Peru imported 49,000 bbl/d of petroleum products from the United States in 2012, of which 80 percent were distillate fuel oil.
- Peru has six oil refineries with a total crude distillation capacity of almost 199,000 bbl/d. Repsol YPF operates the largest refinery in the country, the 108,000-bbl/d La Pampilla refinery located in Lima. Most of the other refineries are owned by the state-owned company Petroperu (not to be confused with Perupetro). In addition to refining, Petroperu is heavily engaged in the production, transport, and distribution of oil.
- In May 2013, the National Agency of Hydrocarbons (Perupetro) launched a bidding round for nine oil blocks, located in four offshore basins, in an attempt to attract more foreign investment. Perupetro plans to auction off a total of more than 30 blocks in the near future, but plans thus far have been delayed by local groups protesting the potential impact of oil development on their communities.
- Dry natural gas production in Peru has grown rapidly since the Camisea field went onstream in 2004, from 30 billion cubic feet (Bcf) that year to 401 Bcf in 2011.
- Peru became a natural gas exporter in 2010 when it brought online South America's first liquefied natural gas (LNG) plant called Melchorita. Melchorita is owned by the PeruLNG consortium, made up of the U.S.-based Hunt Oil at 50 percent, SK Energy at 20 percent, Repsol YPF at 20 percent, and Marubeni at 10 percent. The plant currently has a capacity of 215 Bcf per year, and a second and possibly a third train are planned to be added within the next four to five years. Exports of natural gas were 199 Bcf in 2011. Most of which was sent to Spain, Asia (mainly South Korea and Japan), and North America.
- Peru's domestic consumption of natural gas has substantially increased from 16 Bcf in 2002 to 202 Bcf in 2011, driven by government incentives, economic growth, and the growing number of gas-fired electricity plants.
- Peru's increasing demand for natural gas may affect the availability of future natural gas exports. According to PFC Energy, 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, unconventional 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: August 2013
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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