Block 95 to buoy Peru hydrocarbons GDP growth

Peru’s central bank has maintained its GDP guidance for the hydrocarbons driven by expected higher output at block 95, the country’s principal oil producer.

In its latest inflation report, the monetary authority forecasts that GDP growth at 1.5% for this year and 4.2% for 2025.

The bank also expects production to recover at other jungle blocks next year.

Through June 19 this year, PetroTal-operated block 95 has averaged 17,873b/d or 44% of total output.

The company’s risked dry hole capex for the acreage in the northern region of Loreto in 2024-26 is US$50-70 million, with US$30mn for seismic in 2024-25 and US$25-30mn for drilling in 2026.

Meanwhile, the government published a supreme decree that approved the temporary license contract to operate block 8, also in Loreto.

Hydrocarbons licensing authority Perupetro and Upland Oil and Gas are now authorized to sign the contract

Also, the energy and mines ministry launched bidding to draft a hydrocarbons liabilities pre-investment study. Procurement information is available in the Documents box in the top-right corner.