Moderator: Anthony Laub
Javier Gutiérrez – Managing state companies in the energy sector
Engineer Gutiérrez’s Presentation – Ex-Manager of ISA and current president of ECOPETROL – focused on describing the reform carried out in recent years on the oil and natural gas industry in Colombia and the benefits that it has brought not only for Ecopetrol and other companies in this sector, but also to the economic development of this country.
In this regard, he emphasized the great importance of changes at a regulatory level, among which the most important ones are the establishment of a National Petroleum Agency, a new concession contract regimen, a new structure of royalties and a series of tax incentives for investors.
Finally, in relation to Ecopetrol, he stated that this company has made important changes in its structure, becoming a Mixed Capital Company with a management system which has been strengthened since a Good Governance Code was created.
Pedro Grijalba – Progress in exploration and development of new production
In this presentation, Engineer Grijalba, Manager of PETROBRAS – Peru, emphasized hydrocarbon potential in Peru, but he regretted the lack of investment in exploration and explotaition. In his opinion, among the causes leading to this situation, the most important one is the procedures that companies of the sector should go through to obtain appropriate permits, in particular, environmental ones.
Moreover, she stated that despite the increase in production in recent years, our commercial balance of hydrocarbons remains negative. In this regard, he explained that in order to reverse the situation described, it is necessary private investment in the different levels of the industry; thus, we should have an efficient State to ensure governance conditions and appropriate public – private coordination relationships.
Humberto Campodónico – Petroperú’s Role in the Hydrocarbon Sector
Meanwhile, Engineer Campodónico, President of PETROPERU, focused his presentation in Petroperú’s perspective within the hydrocarbon sector, expressing the importance of integrating vertically Petroperú, by giving the company access to an own production of hydrocarbons; a fact that he considers essential to ensure its long-term viability and improve the company’s value, as well as guarantee the national supply of oil and its derivatives at the national level, as in large national oil companies of the region.
Moreover, he emphasized the importance of the modernization project of refinery Talara for Petroperú, considered the most important within its portfolio of projects and the one that kept Petroperú alive. On the other hand, regarding the participation of Petroperú in the South Andean Gas Pipeline Project, he stated that Petroperú will not invest money from its cash flow for this project, since it was commissioned by the State; and Ministry of Economy and Finance (MEF) and Development Finance Corporation (COFIDE) – based on the Andean Development Corporation (CAF)’s suggestions – will be responsible for structuring how Petroperú will be part of this project and they will give the money, which will be capitalized by Petroperú.
Along with these presentations, we had the presence of Pedro Touzett Manager of CONENINSAC, and Gustavo Posth , General Manager of VETRA, as panelists of this session. Engineer Touzett gave his opinion about the Peruvian Oil Industry under the title of “Oil Panorama without but full of oil”, expressing his concern about the lack of exploratory activity despite the large amount of contracts signed, emphasizing the importance of the exploratory activity to have an increase in a medium-term oil production. Production has been decreasing due to natural decline in oil fields and the reduction of investments in exploitation contracts that will terminate during the period 2013.
Finally, Engineer Posth gave us a general view of the development of exploratory activity carried out by the Company VETRA in Lot XXV and its difficulties and challenges, to increase the production in the Northwest of Peru.
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