Peru’s hydrocarbon reserves dip across the board

Peru’s proven reserves of oil, natural gas, and natural gas liquids (NGLs) fell for a consecutive year in 2022, according to information just released from the energy and mines ministry.

The ministry’s latest hydrocarbon resources report shows that proven reserves of crude slid 1.71Mb to 242Mb, gas fell 0.867Tf3 to 8.392Tf3 and NGLs dropped 38Mb to 389Mb.

Among the reasons highlighted for the crude dip are production and negative revision of declinations of blocks X, III, IV, XIII, VII/VI and II, offset by drill projects at blocks 64 and 95, the latter of which is the country’s principal oil producing area.

Proven reserves of gas were impacted by a negative revision of declinations at block Z-2B, the reclassification of reserves to contingent resources at block 56, and updates of blocks 57 and 88, along with production, while contingent resources were reclassified as reserves at block III.

In the case of NGLs, factors like those for gas explain the fall, the ministry said.

The report, which includes reserve autonomy indexes and recovery factor percentages, is available here and in the Documents box in the top right corner. 

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