Peru Oil Find to make Peru an exporter

December 15th, 2006

A massive discovery of oil has promise to make Peru a net-exporter of oil saving the country’s economy $2 Billion dollars annually.

Petroperu, a state enterprise, confirmed that the find in the northern Amazon region of Loreto is the most important find in years. Geologists working with Petrolperu have forecast finds of natural gas and hydrocarbons in the adjoining areas.

Peru’s current oil consumption is 150,000 barrels per day with production reaching only 120,000. This find will raise production to 220,000 – almost double and making Peru oil-independent.

UPDATE 16 Dec:
Alan Garcia has travelled personally to the extreme north of Peru where it has been confirmed that the largest discovery of oil in decades has been made. Alan said this discovery will make Peru “petroleum-independent” and earn the country $1,000,000,000 US Dollars each year in exports.

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