Petroperú optimizes its operations and advances in the reactivation of lots 64 and 192 in the Peruvian Amazon

Petroperú's Chairman of the Board, Alejandro Narváez Liceras, presented to foreign media the company's main progress in the first quarter of 2025, a result of the restructuring and efficient management measures implemented since his administration began last November.

Among the notable achievements, Narváez highlighted the significant reduction in projected losses for 2024, which fell from $1.03 billion (estimates from the previous administration) to $742 million, thanks to actions taken between November and December 2024. This reduction represents a savings of $288 million for the company's finances. The company also reported that financial figures have stabilized, achieving a positive EBITDA of $4 million and a gross profit of $1 million at the end of the first quarter of 2025. These results mark a turning point after the sustained losses since 2022.

One of the most important milestones has been the acquisition of the Hydrocarbon Registry of the New Talara Refinery by Osinergmin, thanks to the technical and administrative work carried out by the company's professionals. Operations at the Conchán and Iquitos refineries have also been optimized, consolidating operational capacity for the efficient supply of fuels to the entire country, in accordance with the highest international standards.

"The results being obtained are part of the strategic plan implemented by the company's current Board of Directors and the commitment of its employees, aimed at ensuring the financial and operational sustainability of Petroperú, strengthening its strategic role in the country's energy development," said Alejandro Narváez Liceras, Chairman of the Board of Directors of Petroperú.

In the area of financial transparency, Narváez announced the signing of a contract with the renowned auditing firm PricewaterhouseCoopers (PwC), which has already begun the audit process for the 2024 financial statements, which will be presented during the first half of this year.

As part of its policy to attract private investment, the company highlighted the start-up of a gas station located in Ica, built through a public-private partnership with an investment of 13 million soles. This project demonstrates Petroperú's potential to generate energy infrastructure under efficient and sustainable schemes.

Another significant advance is the recovery of a 5% share in the national fuel market, which has allowed Petroperú to increase its sales and reach a 30% market share. This result reflects the company's competitive repositioning process in the energy sector. Furthermore, the Chairman of the Board highlighted that the international credit rating agency Moody's Ratings (Moody's) has granted Petroperú a long-term debt issuer rating of 'B3' (equivalent to 'B-' on the S&P Global Ratings and Fitch Ratings scales) with a stable outlook, a significant development for the Peruvian market and its key role in fuel supply in Peru.

During his presentation, Narváez also announced that the strategic operating partner for Block 64 will be announced in the second half of May, once the public tender process has concluded. Regarding Block 192, he reported that the new operating partner is expected to be announced next June, with the goal of starting production in both blocks before the end of the year.

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