Perupetro announces bidding process for Blocks V and VII

On 18 May 2023, Perupetro S.A. ("Perupetro") announced the selection process by "Call No. PERUPETRO-001-2023" to award the License Agreements for the Exploitation of Hydrocarbons in Blocks V and VII, both located in the province of Talara, department of Piura, northwestern Peru (the "Bid").

Currently, Block V is operated by UNNA Energía S.A. until 5 October 2023. On the other hand, Block VII is operated by SAPET DEVELOPMENT PERU INC. Sucursal del Perú, until 21 October 2023.

Perupetro will receive the Letters of Interest from the companies interested in participating in the Bid until 13 June 2023. Consultations and observations to the bidding conditions may be submitted until 02 June 2023.

Interested companies must go through a prior qualification process before Perupetro, through which their legal, economic and technical capacity is evaluated, in order to qualify as a Qualified Subject, Technical Operator Subject, Technical - Non-Operator Subject or Economic Subject. This process is carried out in accordance with the Regulation of Qualification of Interested Parties for the Performance of Exploration and Exploitation or Exploitation of Hydrocarbons Activities, approved by Supreme Decree N° 029-2021-EM and the Guidelines for the Qualification of Interested Parties approved by Perupetro.

Proposals must be submitted by 20 June 2023 and must contain the information listed in Annex N° 5 of the bidding conditions. Among the general documentation, bidders must submit documents proving their corporate standing (Peruvian or foreign companies) and economic capacity.

Perupetro will evaluate the proposals of the bidders and on 27 June 2023 will announce the awarding of the Good Pro. It is worth mentioning that the bidding conditions and its annexes have been published on Perupetro's website.

It is important to note that in this Bidding the competition criteria will be the investment commitments in exploration (number of exploratory wells) and in exploitation (number of well workovers and number of development wells). This shows Perupetro's interest in attracting investments to increase oil and natural gas reserves, and to increase oil production, which could be used in the new Talara Refinery, and to increase natural gas production, which is necessary for the massification of natural gas.

We invite you to contact us so that we can provide you with more information about the bidding process.