秘魯油氣投資指南

Oil&Gas

Investment

Guide

2023-2024

Oil&GasInvestmentGuide

2

3

Oil&GasInvestmentGuide

Oil&GasInvestingGuideisoneofthepublicationspreparedbyKPMGinPerutoprovidegeneralinformationtoinvestorswhoareconsideringinvestingordoingbusinessinthecountryintheOil&Gasindustry.However,itshouldbenotedthatthispublicationdoesnotprovidethebroadanddetailedinformationthatwouldbenecessaryforbusinessdecision-making.

Furthermore,duetotheconstantchangesinregulationsinPeru,werecommendobtaininglegal,tax,accountingorotherprofessionaladvicepriortoexecutingtheinvestmentinthecountry.

InvestmentsinPeruispartofaseriesofguidesthatKPMGpublishesontopicsrelatedtoinvestmentsindifferentcountries.

ThispublicationincludesthemostimportantlegalprovisionsestablisheduptoMarch2023.

Theinformationcontainedhereinisgeneralinnatureandisnotintended

toaddressthecircumstancesofanyparticularindividualorentity.Although

wetrytoprovidecorrectandtimelyinformation,therecanbenoguarantee

thatsuchinformationiscorrectonthedatereceivedorthatitwillcontinue

tobecorrectinthefuture.Nooneshouldtakeactionbasedonsuch

informationwithoutdueprofessionaladviceafteradetailedstudyofthe

particularsituation.

?2023KPMGAsesoresS.CivildeRL,aPeruvianlimitedliabilitycompany

companylimitedbyguarantee.Allrightsreserved.

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Oil&GasInvestmentGuide

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Oil&GasInvestmentGuide

PeruisconsideredthemoststablecountryinLatinAmerica.WhiletheGDPprojectionsfor2023estimatedaneconomicalgrowthintheregionof1.3%,Perustartedtheyearwithanestimationof2.2%.

TheinternationalinvestmentlandscapecouldbeanopportunityforPeru.Indeed,thegeopoliticalcontext,aboveallthetensionbetweenRussiaandUkraineandOPEC+stockcontrolscontinuehavinganimpactintheoil&gasprices,whichdeterminesprojectionsinaverageofUS$80.Also,thesearchofalternativemarketsandcleanerenergiesinacontextofclimatechangeinitiativescouldbeimportantsincePeruhasextensivereservesofnaturalgas(CamiseaProject)andunder-developedand/orunexploredbasinsalongthePeruvianterritory.

Ontheotherhand,Peruiswellpositionedintheminingindustryasthesecond

worldproducerofcopperandotherminerals(forexample,zinc,lead,tin,gold,silver,molybdenum,etc.).EnergytransitionplansofdevelopedcountriessuchUnitedStatesandthecountriesoftheEuropeanUnionarepassingregulationsandcarryingoutprojectsthatrequiresuchminerals.Nowadays,Peruisoneofthesourcesofsomecriticalmineralsneededtosuchtransitioninordertoreduceglobalwarming.

Asothercountriesintheregion,Peru’senergyandnaturalresourcesindustriesareincorporatingsustainablestandards.Ononeside,thePeruviangovernmentworkinginregulationswithsocialcontentandnewenergiestoreducesocialgapsinconnectionwiththeSustainableDevelopmentGoals2030;and,ontheotherside,privatesectorworkinginstrategiestooperateunderESGstandards.

Peruisworkinginacomprehensiveframeworktoattractinvestment.Therefore,thisdocumentincludesasummaryofrelevantinformationusuallyneedbyinvestorsinterestedinthePeruvianmarket.Thedocumentincludesageneralmacroeconomicinformationas

KPMGiswell-engagedintheefforttocreateaninvestmentenvironmentwithnewopportunitiesofsustainabledevelopmentinPeru.

BeatrizDelaVega

TaxAdvisoryPartner&Energy

andNaturalResourcesLeader

KPMGinPeru

beatrizdelavega@

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Oil&GasInvestmentGuide

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Oil&GasInvestmentGuide

PerufacestheenormouschallengeofcreatingfavorableconditionstosustainablytakeadvantageoftheimmensenaturalresourcesitpossessesandcreatethehighestvaluewithintheframeworkoftheEnergyTransitionprocess.

ThesustainabledevelopmentofthegreatpotentialofHydrocarbonReservesandProspectiveResourcesthatourcountrypossesses-PetroleumandNaturalGas-shouldbecometheengineofeconomicgrowth.HencethepoliticaldecisionofthePeruviangovernmenttopromoteandencourageinvestmenttodevelopExplorationandExploitationprojectsaimedatguaranteeingEnergySecurityandconsequentlysubstantiallyandsustainablyreducingimportsofoilandliquidfuels.

Forthispurpose,ithasbeendecidedtostrengthenPETROPERUthroughtheVerticalIntegrationofitsOperations.ThiswillallowforthestrategiccomplementationoftheinvestmentmadebythePeruvianstateintheTalaraRefineryandtheOperationoftheoilfields,aimedatsustainablyproducinghigh-qualityPetroleum,Gas,andFuelswithlowersulfurcontent,becomingaleadingandcompetitiveactorinthedomesticmarket,contributingtotheeconomicgrowth,development,andwell-beingofallPeruvians.

IntermsofNaturalGas,Peru,throughtheMINEM,ispromotingthedevelopmentofimportantprojectswiththegreatobjectiveofitsMassification,allowinguniversalaccesstothischeaperandcleanerenergysource,upto40%ingasolineand70%inelectricity.HencetheinstitutionaleffortsoftheMINEMtoenhancethevalueofNaturalGasasatransitionelementtowardsaprogressivechangeintheconsumptionmatrixofcleanerfuels,whichwillallowittoreachhouseholds,transportationwithCNG,Industry,ElectricGeneration,educationalinstitutions,socialorganizations,andhealthestablishments.Likewise,NaturalGaswillmakepossiblethedevelopmentofastrategicindustrysuchasMethaneandEthanePetrochemistryandthegenerationofgreatopportunitiesforgrowthinfavorofmillionsofPeruvians,includingouragriculturalproducers.

Similarly,itisimperativetohighlighttheimmensepotentialofthecountryin

Non-ConventionalRenewableEnergies,basedontheuseofnewtechnologiessuchasGreenHydrogen,Wind,Photovoltaic,andBiomasssources,amongothers,whichrepresentsanothergreatchallengeduetoitsstrategiccontributiontothediversificationoftheEnergyMatrix.

Insummary,oneofthemainstrategicobjectives,thereforeapriorityofourNationalEnergyPolicy,beingimplementedbytheMINEM,istohaveadiversifiedEnergyMatrix,basedonRenewableandNon-RenewablesourcesandEnergyEfficiency.

Forthesegreatpurposes,itisnecessarytohavean"Oil&GasInvestmentGuide"asamanagement,direction,preparation,andsupporttoolforthenecessaryprocessesandactivitiestomakePeruanattractivecountryforinvestmentinEnergyandHydrocarbons.This"Oil&GasInvestmentGuide,"whichhasalsoallowedinitspreviousstagestocloselyknowthecurrentpanoramaofPeruandtheonefacingourRegionontheroadtotheEnergyTransition,whilenationssustainablyandefficientlytakeadvantageoftheirRenewableandNon-RenewableNaturalResources,aswellasidentifyingnewopportunitiestoenhanceourhighenergypotential.

TheMINEMisespeciallygratefultoKPMGandallthosewho,inonewayoranother,havecontributedtomakingthe"Oil&GasInvestmentGuide"arealitythatwillbeattheserviceofallthoseinterestedinthestrategicobjectivesoftheHydrocarbonSub-Sector.

Ing.EnriqueBisettiSolari

ViceMinisterofHydrocarbons

MinistryofEnergyandMines

Peru

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Oil&GasInvestmentGuide

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Oil&GasInvestmentGuide

2022wasayearofgreatchallengesforthecountry,bothpoliticallyandsocially,however,themacroeconomicfundamentalsremainedsolid,astrengththatallowsustocontinuepromotingthearrivalofinvestmentsinthecountry.

newareasforexplorationandexploitationofhydrocarbonsinvarioussedimentarybasins

withimportantprospectsthathavebeengeneratinginterestamongcompanies.

These31newareasareintheMara?on,Ucayali,MadredeDios,SalaverryandTumbesBasins,proposedareaswithhydrocarbonpotentialthatcanbegrantedtointerestedcompaniesasLicenseContractsorasTechnicalEvaluationAgreements.

Atthesametime,PERUPETROhasbeenaligningeffortswiththedifferentsectorsinvolvedinthedevelopmentoftheindustry,toreactivateproductionandgenerateconditionsforthedevelopmentofimportantprojectsunderway,mainlyinthePeruvianoffshore,whereexpectationsarepromising.

ThePeruvianoffshorebasinshaveprospectiveoilresourcesofapproximately12,966

important;therefore,PERUPETROhasredoubleditseffortstomakeoffshoreexplorationviableandtovaluetheresourcesthatGodhasblesseduswith.

Inthesameway,wearedevelopingapermanentdialoguewiththecommunitiesinthe.ASocialFundhasbeenestablishedforthenewContractstobesigned,sothatthepopulationcan

.

Thehydrocarbonindustryhasbeenanimportantgeneratorofincomeforthecountry,andanimportantengineofeconomicdevelopment,mainlyfortheregionswherethereishydrocarbonproduction.

PERUPETRO,awareofthepathtowardstheenergytransition,willcontinuetopromoteacountryvisionthatallowsunderstandingthestrategicimportanceofhydrocarbonsforPeru,evenmoresoinanunexploredcountrywithresourcesthatmustbetakenadvantageof.Wearesurethat,withtheeffortandcommitmentofallthesectorsinvolved,withstrictrespectfortheenvironmentandinapermanentdialoguewiththecommunitiesinthe

development.

IsabelTafur

PresidentofPerupetro

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Content

Oil&GasInvestmentGuide

01Introduction

1

1

02OpportunitiesforForeignInvestors

17

03IncorporatingaPeruvianEntity

25

04PeruvianTaxSystem

33

05TaxationofBusinessActivity

36

06TaxationofIndividuals

45

07IndirectTaxes

49

08OthersTaxes

54

09ForeignTrade

57

10LaborandImmigration

60

11Otherrelevantissues

70

12Energytransition

72

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Oil&GasInvestmentGuide

01

Introduction

12

Oil&GasInvestmentGuide

Overview

Overthelastfewyears,thePeruvianeconomyhasbeeninconstantgrowth,evenwithinthepandemiccausedbytheoutbreakofCOVID19,Peruhasmaintaineditseconomicstability,thusbeinganattractivecountryforinvestorsfromvariousindustries.

TheGDPinPeruinthelastmillenniumhashadanaverageannualgrowthof4.4%,duetothemeasuresadoptedbytheGovernmentforeconomicrecoveryasaresultofCOVID19,inaddition,

saidgrowthisrelatedtothefactthatthePeruvianeconomyissustainedinthehighpriceofrawmaterials(i.e.,gold,copperandoil).

Likewise,in2022theprocessofaccessiontotheOECDhasbegun.

InPeruvianlegislationthereisaregimetopromoteforeigninvestment.Foreigninvestorsandthecompaniesinwhichtheyparticipatehavethesamerightsandobligationsasnationalinvestorsandcompanies,thereforetherighttofreeenterpriseisguaranteed.

Government

PoliticallyPeru,likemostofLatinAmerican

countries,hashadasuccessionofperiodsof

democraticgovernmentanddictatorship.

Peruhasaconstitutionalgovernment,basedonthe1993Constitution.ThisreplacedtheConstitutionof1979,underwhichdemocracywasrestoredaftermorethanonedecadeofmilitarygovernment,characterizedinitsearlyyearsbystatesocialism,andlaterbyaprocessofgradualrestitutionoffreedom.

TheAdministrationofPeruvianPresident,DinaBoluarte,provideswithalegalframeworkinkeepingwiththedemandsofinternationalcompetitiveness,thusresultinginacountrywithanattractivemarketforbothnationalandforeigninvestments.

PoliticalSystem

Inconformitywiththeprovisionsoftheconstitutionof1993,theRepublicofPeruisdemocratic,social,independentandsovereign.Thestateisoneandindivisible,anditsgovernmentisunitary,representative,anddecentralized.

ThePresidentofPeruistheheadofstateand

representsthenation.

Congress,consistingofasinglechamberwith

onehundredandthirtyCongressmen,wieldsThe

Legislative.

TheSupremeCourtofJusticegovernsand

administerstheJudiciary.

Currency

December30st,2022,wasworthabout0.27US$

(US$1=3.320Soles).

Thegovernmenthasdecontrolledtheexchangeratesystem.DebtsinforeigncurrencyarepermittedunderPeruvianlawandtheU.S.dollarisfrequentlyusedforcivilandcommercialliabilitiesandisalsogenerallyacceptedfornormalbusinessoperations.

CompaniesreceivingforeigninvestmentcanrequesttokeeptheirbooksinU.S.dollars.

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Oil&GasInvestmentGuide

Macroeconomic

context

economicactivityexpanded2.7%in2022,with

a0.6percentgrowthcorrespondingtoprimaryactivities,drivenbytherecoveryofagriculturalandhydrocarbonproduction.Likewise,theimprovementinthehealthsituationcomparedto2021contributedtoanincreaseof3.2percentinnon-primaryactivity,mainlyinsectorssuchascommerceandservices.Theadvanceswerediminishedbythefallsregisteredinsomeprimarysectorssuchasmetallicmining,

thedecline;Fishingwasaffectedbythelowercatchforhumanandindustrialconsumption,whichinturnhadanimpactonprimarymanufacturing,registering

Theeconomyisexpectedtogrow2.6%in2023duetotheexpectedrecoveryoftheprimarysectors,mainlymetalmining:apositiveeffectisestimatedfromtheprojectsthathaverecentlycomeintooperation,suchasQuellaveco,andfromthereactivationofminesthatparalyzedtheiractivitiesin2022.However,mostofthenon-primarysectorsareexpectedtoslowdowntheirgrowthduetothelowerdynamismcontemplatedinprivateconsumptionandpublicinvestmentthatisusuallyobservedinthe

year2024,economicactivityisprojectedtogrow

3.0%,theyearinwhichitisestimatedthatactivitiesrelatedtotourismandrestaurantswillreachtheirpre-pandemiclevels.

GDPBYECONOMICSECTOR

(Realpercentualvariations)

2024*

2021

2023*

2022

January

IRDic.22

IRMar.23

RIDic.22

RIMar.23

PrimaryGDP

6,4

0,6

1,2

6,3

5,1

2,8

3,0

Agricultural

4,6

4,3

1,9

2,4

2,2

2,7

2,7

Fishing

9,9

-13,7

33,0

11,6

5,0

3,5

3,5

Metalmining

10,5

-0,2

-3,6

8,6

7,0

2,8

3,1

Hydrocarbons

-4,6

4,0

-3,5

4,7

4,7

4,9

4,9

Manufacture

3,2

-2,9

13,3

6,9

5,3

2,0

2,0

NonprimaryGDP

15,7

3,2

-1,8

2,0

1,9

3,1

3,1

Manufacture

25,2

2,3

-3,3

2,0

1,0

3,0

3,0

Electricityandwater

8,5

3,9

3,3

5,0

4,6

3,9

3,9

Construction

34,9

3,0

-11,7

1,3

1,0

3,2

3,2

Trade

17,8

3,3

1,2

2,4

2,2

3,5

3,5

Services

11,9

3,4

-1,2

2,0

2,1

2,9

2,9

Grossdomesticproduct

13,6

2,7

-1,1

2,9

2,6

3,0

3,0

IR:InlationReport.

*Proyection.Source:BCRP.

AccordingtotheBCRPperspectives,theactivityofthehydrocarbonsectorin2022registeredagrowthof4.0%

comparedto2021.Thesectorisexpectedtogrow4.7%thisyearand4.9%for2024.

Oil&GasInvestmentGuide

Foreigninvestmentplaysanimportantroleinthenationaleconomy,designinganintegratedsystemofregulationstoguaranteeforeigninvestors.

Investmentsarereceivedwithoutrestrictionsinvarioussectorsofeconomicactivity(i.e.,telecommunications,electricity,retail,banking,amongothers).

ForeignInvestmentRegistry

Foreigninvestmentsmadeinthecountryareautomaticallyauthorized,andmustberegisteredwiththePrivateInvestmentPromotionAgencyofPeru(PROINVERSION),includingtechnologylicensecontracts,technicalassistance,technicalservices,basicengineeringandindetail.

UnderDecision291oftheAndeanCommunity,alldirectinvestmentorinvestmentfromsubregionalinvestors(Bolivia,Colombia,EcuadorandPeru)mustberegisteredwiththecompetentbody(PROINVERSIóNinPeru)infreelyconvertiblecurrency.

RightsofForeignInvestors

TheStateguaranteestherightofforeigninvestorstotransferabroad,infreelyconvertiblecurrencies,priorpaymentoflegaltaxes,thefulldividendsorproven

alloftheircapitalinvestedinPeruviancompanies,

includingthesaleofshares,participationsorrights,reductionofcapitalorpartialortotalliquidationofcompanies.

ForeignInvestmentRestrictions

Pre-investmentapprovalisnotrequired.Technologytransfercontracts,licenses,patentsandtrademarksareregisteredwiththeadministrativeauthorities,

contentofitsstipulations.

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UnderLawNo.29785,theexecutionofcertain

investmentprojectsmaybesubjecttoprior

consultationwiththeindigenousornativepeoples

oftheplacewheresaidprojectsarelocated.Said

consultationdoesnotimplyavetorightoverthe

project.

PropertyAcquisition

Regardingpropertyrights,foreigners(individualsandcompanies)areinthesameconditionasPeruvians;however,50kilometersinsidetheborderline,foreignerscannotacquireorpossessmines,land,forests,water,fuelorenergysources,andmaybeexemptedfromthislimitationwithanauthorization.

Thetransferofpropertyownershipoccurswiththevalidsalescontract;andalthoughtheregistrationinthepublicrecordsisnotmandatory,accordingtothelaws,itisalwayspreferredtoprovidesecuritytothetransaction.

CompetitionRules

Thereareregulationsthatconsecratethefree

marketsysteminPeruandlimittheactivityofthe

Stateasaregulatorofproductiveactivities;they

propertyrights,theydesignageneralcompetition

frameworkthatmakesPeruaparticularlyattractivecountryforprivateinvestment.

INDECOPIistheStatebodyinchargeofensuringcompliancewiththelegalregulations,inordertoensurethefunctioningofthefreemarketinPeru,itisinchargeoftheprotectionofintellectualpropertyandregulatoryaspectsofcompetitioninthemarket,amongothers.

InternationalInvestmentAgreements

TheInternationalInvestmentAgreementisaninternationaltreatywhosepurposeistoestablishalegalframeworktoattract,promoteandprotectinvestmentsthroughinternationalstandardsthatguaranteeatransparentandpredictabletreatmentapplicabletoinvestments.

Since1991,29AgreementsforthePromotionandReciprocalProtectionofInvestmentshavebeeninforceand,since2009,9investmentchaptersareinforceinFreeTradeAgreements.

TradeAgreements

PeruparticipatesintheAndeanCommunityIntegrationAgreement,togetherwithBolivia,ColombiaandEcuadorsince1969.TheAndeanCommunityofNationsencouragestheprogressiveeconomicintegrationofitsmemberswithaviewtowardestablishingacommonmarket.

OnJanuary16,2009,thefreetradeagreementwiththeUnitedStateswassignedwhichhasbeenineffectsinceFebruary1,2009.

ThemaininternationalintegrationschemesinwhichPeruparticipatesare:

?ALADI(LatinAmericanIntegrationAssociation):Brazil,Argentina,Paraguay,UruguayandCuba.

?CAN(AndeanCommunityofNations):Bolivia,ColombiaandEcuador.

?

FreeTradeAgreementswith:UnitedStates,Cuba,China,Chile,Mexico,Singapore,SouthKorea,Japan,Canada,EFTA,EuropeanUnion,Thailand,Panama,CostaRica,Venezuelaand

Honduras.

?FreeTradeAgreementswith:USA,Cuba,Chile,Mexico,Canada,Singapore,China,SouthKorea,Thailand,Japan,Panama,EFTAcountries,EuropeanUnion,CostaRica,Venezuela,Hondura,UnitedKingdom,andAustralia.

Oil&GasInvestmentGuide

“WorksforTaxes”mechanism

In2022,Law29230–Lawthatpromotesregionalandlocalpublicinvestmentwiththeparticipationofprivatesectorwaspublished,inwhichallowsprivatecompaniesthatsigninvestmentagreements

projects,optimization,marginalexpansion,rehabilitationandreplacementinvestments,andoptimization,marginalexpansion,rehabilitationandemergencyreplacementinvestmentswithintheframeworkoftheNationalSystemofMultiannualProgrammingandInvestmentManagement,underthe“WorksforTaxes”modality.

TheWorksforTaxesmechanismallowsprivate

variouspublicinvestmentprojectsdeclaredviable

undertheInvierte.pe.systemoftheMinistryofEconomyandFinance.Thus,privatecompaniesareallowedtodevelopprojectsinhealth,education,tourism,agricultureandirrigation,culture,environment,urbanhabilitation,socialdevelopment,amongothers,beingthatinthesesectorsan

achievedthroughaninvestmentagreementbetweentheprivatecompanyandthepublicentitythatpreviouslyprioritizedtheprojectdeclaredviable.

Inthisway,the“WorksforTaxes”mechanismallowsforanaccelerationinpublicinvestment,sincethe

listofpreviouslyprioritizedprojects,usingfuturetaxrevenuestreams,insteadofhavingtowaitforthetotalityofthecapitalnecessaryforimplementation.

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Oil&GasInvestmentGuide

LegalStability

Agreements

ForeigninvestorscanenterintoLegalStabilityAgreementswiththeStatethroughthePrivateInvestmentPromotionAgency(Proinversión),whichwillguaranteestabilityinthetaxregimeinforceatthetimeofsubscription,

UnderthestabilityofLegislativeDecreeNo.662,

investor:

Likewise,therecipiententityoftheinvestment

DecreeNo.757:

?Fiscalstabilityfortheinvestor,providedthathemakesacontributionforanamountofnotlessthanUSD2million,withinamaximumperiodoftwo(2)yearsfromthesigningoftheagreement.

?Theregimeprotectstheinvestorfromvariationsinthetaxablebaseorfromthecreationofnewtaxesthataffectthetaxablebaseofthecompany.

?

inpercentagewithrespecttowhatwouldhavebeendeterminedaccordingtothestabilizedregime,thedividendtaxratewillbereducedso

?

totherecipientofinvestment,theinvestormust

haveitsownstabilityagreement.

?Thetotalamountofnewinvestmentsreceivedbythecompanymustbegreaterthan50%ofitscapitalandreservesandwillbeusedtoexpandproductioncapacityortechnologicalimprovement.

?FiscalstabilityincludestheIncomeTaxRegime(additions,deductions,rates)for10years.

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Oil&GasInvestmentGuide

02

Opportunitiesfor

ForeignInvestors

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Oil&GasInvestmentGuide

1917

1922

1948

1952

1961

1967

1968

1969

1969

1973

1977

1979

1979

1984

1990

1993

1993

1995

1995

1996

1998

1999

2000

2000

2001

2004

2005

2006

2007

2009

2010

2011

2012

2013

2013

2013

2014

2014

2018

2020

2023

Timelineofthehydrocarbonsector

regulationsandhistoricalhighlights

StartofoperationsoftheTalaraRe?nerybyInternationalPetroleum(IPC)

LawNo.4452-EstablishesthattheGovernmentisownerofhydrocarbonsandmaygrantconcessions.

Creationofthe"EmpresaPetroleraFiscal”,aastate-ownedcompanyresponsibletoengageinoilexplorationandexploitationactivitiesinLosórganosandZorritosareas.

LawNo.11780-OilLaw

Aguaytiagasdiscovery

InaugurationofLaPampillaRe?nery.

NationalizationoftheInternationalPetroleumCompany(IPC).

LawDecreeNo.1753-CreationofPetróleosdelPerúS.A.(Petroperú),astate-ownedcompanyresponsibleofexploring,exploiting,re?ning,commercializing,anddevelopingthehydrocarbonindustryinthecountry

LawDecreeNo.17440-Establishestheaccesstoexploration,exploitation,prospectingandmanufacturingthroughcontractswiththeMinistryofEnergyandMines.

LawDecreeNo.20036-PetroperúOrganicLaw

ConstructionoftheNorperuvianPipeline.

LawDecreeNo.22774-Approvalofthegeneraltermsforhydrocarbonexplorationandexploitationoperations

LawDecreeNo.22775-EstablishesthatoilcompaniesaresubjecttothegeneralIncomeTaxregime.

DiscoveryofCamiseagas.

Beginningofprivatizationofoilcompanies.

LawNo.26221,OrganicHydrocarbonsLaw.

CreationofPerupetroS.A.topromoteinvestmentsintheexplorationandexploitationofhydrocarbons.

SupremeDecreeNo.049-93-EM-ApprovaloftheRegulationsfortheApplicationofRoyaltiesinOilContracts

ConstructionoftheliquidcargodockandmultiboyassubmarineterminalattheTalaraRe?nery.

SupremeDecreeNo.032-95-EM-ApprovaloftheRegulationsoftheTaxStabilityGuaranteewithintheframeworkoftheOrganicHydrocarbonsLaw

PrivatizationofLaPampillaRe?nery.

StartofproductionatAguaytia.

HeavycrudeoildiscoveryinBlock67.GasdiscoveryinBlock78

LawNo.27133-LawforthePromotionofNaturalGasIndustryDevelopment

LawNo.27332-FrameworkLawonRegulatoryBodiesforPrivateInvestmentinPublicServices

LawNo.27343-LawregulatingStabilityAgreementswiththeGovernmentundertheSectorialLaws

LawNo.27624-LawthatestablishestherefundoftheGeneralSalesTaxandMunicipalPromotionTaxfortheexplorationofhydrocarbons.

TheproductionofCamiseagasstart

LightcrudeoildiscoveryinSituche.

HeavycrudeoildiscoveryinBlock39.

GasdiscoveryinBlock57(Kinteroni)

GasdiscoveryinBlocks31Band58(SantaRosaandUrubamba).

SupremeDecreeNo.064-2010-EM-ApprovalofNationalEnergyPolicy2010-2040

GasdiscoveryinBlock57and58(MipayaandTaini).

LawNo.29852-Creationoftheenergysecuritysystemandtheenergysocialinclusionfund.

CrudeoildiscoveryinBlacks95and131(BritaniaandLosAngeles).

GasdiscoveryinBlock88(SanMartin).

LawNo.30130-DeclarationofnationalinterestfortheexecutionoftheTalarare?nerymodernizationproject

ApprovaloftheUniversalEnergyAccessPlan2013-2022

StartofproductioninLosAngeles.

PublicationoftheNationalEnergyPlan2014-2025

Startofoperationofthe?rstlow-sulfurgasolineplant.

StartofdrillingofMarina1wellinPeruviansea.

TheIntegratedGasTransportationSystem-SouthernZoneofPeruProjectisintheformulationstagebytheMinistryofEnergyandMines.

Oil&GasInvestmentGuide

Oil&GasIndustry

inPeru

Thehydrocarbonindustrycanbesummarizedinthreephaseswithinthevaluechain:exploration,

inthreegeneralsegments:upstream,midstream,

anddownstream.

Upstream

Upstreamactivitiescomprisetheexplorationofnewreservesandexploi