The Peruvian Hydrocarbons Society (SPH) issued a statement to ask the government to make public knowledge of the restructuring plan of and the progress in fulfilling the commitments assumed by the state company, since it has already received four financial bailouts in the last two years.

“This technical analysis of this new request by the Petroperú Board of Directors must take into consideration the complicated fiscal situation of the country and the urgency of addressing the country’s fundamental priorities such as the fight against citizen insecurity, the economic reactivation of Peru, prevention of the El Niño Phenomenon, unblock investment in infrastructure and reduce the enormous social gaps in education and health”indicated the SPH.

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The SPH also calls on the Executive to accelerate the Petroperú restructuring plan, Therefore, they ask that the state company immediately implement a policy of transparency in information and compliance with the commitment to appoint a Board of Directors made up of independent professionals that contributes to restoring confidence among investors.

In his statement he points out that Petroperú resumed the exploitation of hydrocarbons in a context in which the sector faces a major crisis, since investment in exploration has reached almost zero. And at a time when the private sector’s lack of trust in government is at its lowest point in decades.

They also demand that the Government make changes to the licensing and permit system, since it currently takes 4 years to obtain a license to explore unlike other countries in the region where it takes less than half the time, as well as a new royalty system and “clear rules” for the granting of lots that respects free competition and equal rights between state and private companies.

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