Peru's 2002 Oil Production Down

Peru's crude oil production is down 0.2 percent from last year, according to a government report. In 2002 Peru produced an average of 96,865 barrels per day as compared to 2001 production of 97,097 barrels per day. Total oil output in 2002 was flat compared with the previous year at 35.4 million barrels, state oil company PeruPetro said in a statement. Production in December was 95,854 bpd, down 5.4 percent from the same 2001 month. December 2002 output totaled 2.97 million barrels.

The government of President Alejandro Toledo says new exploration has reserved a gradual decline in aging oil reserves in Latin America's seventh largest economy, putting proven reserves at 400 million barrels.