Upland Oil and Gas LLC to exploit hydrocarbons in Lot 8

Petroperú SA signed a contract to grant a temporary license to the company with a branch in Peru.

Peter SA signed a contract to grant a temporary license to the company Upland Oil and Gas LLC, Branch of Peru, with the aim of exploiting hydrocarbons in the Lot 8This was reported through Supreme Decree 010-2024 –EM which authorized the state oil company for the subscription.

This temporary license contract includes a 120-day period for pre-operations, after which the effective date begins with a duration of 14 months where the Contractor will have to reactivate 55 wells. producers and within the first 24 months, counting from the Effective Date, the reconditioning of 21 wells, which will require an investment of 54 million dollars.

Among the agreements of the Temporary License Contract, agreements were incorporated regarding the development of Lot 8 arising from the Prior Consultation process with 44 Native Communities in the area of ​​direct influence of Lot 8, the process of which concluded in May of this year.

In addition, The contract includes a Social Fund (1.5 percent + 1 percent additional offered by the new Contractor), for the execution of social development projects for the benefit of native communities that have participated in the prior consultation process of Lot 8.

It also establishes the Hiring local labor and the provision of goods and/or servicesas well as a community relations protocol to maintain a harmonious and mutually beneficial relationship with the communities influenced by the contract, guaranteeing transparency, respect and cooperation.

Perupetro is a state-owned private company responsible for managing hydrocarbon resources for their sustainable use for the benefit of the country.

 
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