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OIL & GAS DEVELOPMENT ALERTS – Amazon Oil Auction

Peru Prepares for Amazon Oil Auction

Peru is preparing to auction off 26 oil concessions in the Amazon region after holding consultations with indigenous groups. The Peruvian government is aiming to attract more than $1 billion in investments, with the estimated exploration investment for each concession running between $40 million and $50 million. This will be the second auction this year, and after a three year hiatus. In May, Peru’s state-run Perupetro auctioned off nine offshore oil concessions. More than 20 companies have expressed interest in those nine concessions, which could bring in around $450 million in exploration investment alone. These licenses should be awarded in October. The additional 26 Amazon concessions were originally intended for the May auction, but were removed from the list due to the need for consultations with indigenous groups. The consultations will begin in July and take approximately 120 days.  The government is hoping the auction will take place before the end of this year. It is also likely that the permitting time for oil exploration will be shortened for these concessions as the government seeks to reduce excessive red tape. We’re probably looking at one year for the approval of environmental permits, as opposed to the three years that it currently takes. 

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