Peru’s proven crude oil reserves jump 34%

Peru’s proven crude oil reserves in 2023 rose 34% to 325Mb, according to just released information from the energy and mines ministry.

The increase was principally due to the reclassification of contingent resources to reserves because of the reactivation of blocks 192 and Z-1, economic factors of blocks II and III, and new locations at blocks 95 and IV, the ministry’s latest hydrocarbon resources report highlights.

Other factors were drilling programs and workovers from new contracts at blocks V and VII, and workovers at blocks II and XIII.

Proven reserves of natural gas and natural gas liquids (NGLs) slid, however, by 0.515Tf3 and 40.7Mb, respectively, to 7.876Tf3 and 349Mb.

Among the reasons highlighted for the gas dip were declines at block Z-69 and an update of the simulation model and processing plan for blocks 88 and 56.

In the case of NGLs, the main factors included production in 2023, an update of blocks 56, 57 and 88, and declines at block Z-69.

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

Proven reserves (Source: Ministry report)