New Hydrocarbons Law in Peru could attract more than US $6 billion in investments

The general manager of the National Society of Mining, Petroleum and Energy (SNMPE), Pablo de la Flor, said that if the new Organic Hydrocarbons Law is approved, it would attract more than US $6 billion in new investments to the sector.

The aforementioned bill is in debate and approval in the plenary session with the Congress of the Republic, after having been analyzed and debated in decentralized sessions with the Energy and Mines Commission.

“The approval of this new law could help double our production, attracting more than US $6 billion in new investments that would generate more than 2,000 direct jobs in the industry,” said De la Flor.

“In addition, transfers of canons and surcharges to the producing regions would be significantly increased,” he added.

He also stressed that the text of the future Organic Hydrocarbons Law requires compliance with rigorous technical, environmental and social standards; discarding that the rules are being relaxed to facilitate investments.

“Peru needs a predictable and stable regulatory framework that allows it to attract investments that contribute to the reactivation of exploration and exploitation of hydrocarbons,” said De la Flor.

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