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Last Updated: July 2015

Overview


Map of Peru
Map of Peru
  • The economy of Peru has grown rapidly since the year 2000. Peru's GDP per capita has nearly tripled since then. In tandem with the economic growth, energy demand has also grown considerably. Peru, which is rich in hydrocarbons, has oil, natural gas, and coal reserves. Despite its increased energy consumption, Peru exports both oil and natural gas.

Petroleum and other liquids

  • Peru is the seventh-largest crude oil reserve holder in Central and South America, with 741 million barrels of estimated proved reserves, as of January 2015, 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 trillion cubic feet in 2015, the fourth-largest reserves in Central and South America, following Venezuela, Mexico, and Brazil.
  • 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 180,000 barrels per day (b/d) in 2014, of which nearly 60% was NGLs.
  • Petroleum and other liquids consumption in Peru averaged about 230,000 b/d in 2014. 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, Trinidad & Tobago, 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 nearly 80,000 b/d of petroleum products from the United States in 2014, increasing threefold since 2008.
  • Peru has six oil refineries with a total crude distillation capacity of almost 193,000 b/d. Repsol YPF operates the largest refinery in the country, the 102,000-b/d La Pampilla refinery located in Lima. Most of the other refineries are owned by the state-run 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.
  • Exploration of oil fields in Peru's Amazon rainforest is limited because of social conflicts and environmental permit delays. In 2014, only seven blocks were made available for international bid. In 2013, bidding was suspended because of a lack of investor interest.

Natural gas

  • 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 431 Bcf in 2013.
  • 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%, Shell with 20%, and Marubeni with 10%). The plant currently has a capacity of 215 Bcf per year. Exports of natural gas were 202 Bcf in 2014 according to BP Statistical Review of World Energy, and were sent to Spain, Japan, and Mexico.
  • Peru's domestic consumption of natural gas has substantially increased from 12 Bcf in 2000 to 208 Bcf in 2013, driven by government incentives, economic growth, and the growing number of natural gas-fired electricity plants.
  • 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.