E&P Investments Expected to Reach US$655mn in 2006 in Peru
Investments in Peru's hydrocarbons sector are expected to reach US$655mn in 2006, local newspaper Gestión reported, citing a statement from Peru's hydrocarbons promotion agency Perupetro.
The total will be comprised of US$120mn for exploration and US$535mn for production, with the Pagoreni field's block 56 near Camisea leading production investment, the paper reported.
Perupetro is also ready to sign 10 oil contracts in the first half of 2006, four of which have already been approved by the company board, the paper reported.
Perupetro signed 14 E&P contracts in 2005 compared to just 6 in 2004.
FUEL PRICE STABILIZATION FUND
The energy ministry has petitioned the economy ministry to expand the price stabilization fund for oil products by 100mn soles (US$29.1mn), Peruvian newspaper Expreso reported.
The fund, used to prevent volatile international prices from affecting prices in the domestic market, currently has 27mn soles and will have 25mn soles remaining by year-end.
In the past year the price of fuel internationally has risen 50%, whereas it has only increased 20% in Peru, the paper reported.
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