Petrobras Reaffirms Partnership in Peru

Seeking to promote new investment, the partnership between Petrobras, Petroperu and Perupetro has been extended for one more year. The extension agreement was signed October 1, 2007, at a ceremony in Rio de Janeiro, by the presidents of the companies. Peru's Mines & Energy minister was also in attendance.

The companies committed to undertake studies to promote and facilitate investments in hydrocarbon exploration, production, transportation, refining and distribution in Peru. A negotiation committee composed of representatives of the companies is coordinating the studies. Possible projects to be executed must be previously approved by Petrobras’ Senior Administration and by Petroperu’s Board of Directors.

The extension of the partnership shows Petrobras intends to boost its activities in Peru and to invest in the energetic integration between the two countries. Present in Peru since the 1990s, Petrobras is interested in increasing its exploration and production activities in that country. Petrobas currently lifts some 15,000 barrels per day of oil and gas at Talara Lot X, in Northeast Peru.