Tuesday, January 26, 2010

Hydrocarbon investments in Peru to total US$ 2 billion in 2010

Investments in the hydrocarbon sector projects in Peru would amount to 2 billion dollars taking into account the implementation of various ongoing projects and those in the planning stage, reported Peru's National Mining, Petroleum & Energy Society (SNMPE).

According to the president of the SNMPE Hydrocarbon Committee Guillermo Ferreyros, the biggest investment in the hydrocarbon sector this year is the execution of a liquefied natural gas project of Peru LNG in the country.Export operations are scheduled to commence in the second quarter of 2010. In 2009, Peru's hydrocarbon sector received $1.6 billion and if the works are carried out according to schedule, the accumulated investment in 2010 would be higher.

The Peru LNG project is set to be one of the most important resources of the Peruvian government's future energy strategy. The project, which was launched in January 2007, will also be one of the largest industrial projects ever to be undertaken in Peru.

The international project consortium for the project consists of Hunt Oil Company of the United States, SK Corporation of Korea and Repsol YPF of Spain. The operator for the Peru LNG gas export project will be Hunt Oil Company as the subsidiary Hunt Oil Peru.

The hydrocarbon project offers opportunities for supply of inputs for the project.

Reliance from India has entered Peru for exploration of oil and gas.

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