The development of a new law that integrates all the regulations to which the oil industry in the country should be subject was necessary. The need to elaborate a new Hydrocarbons Law coincided with the political decision to reformulate the business role of the State and the consequent restructuring of the Energy and Mining Sector. Within this context, the need to review the role of PETROPERU S.A. was evaluated. In addition to make viable the privatization plans of PETROPERU S.A. the creation of a new state company that assumes the rights and obligations of PETROPERU in relation to the Contracts that it had signed was required.
Creation: November 18
PERUPETRO S.A. It was created by Law No. 26221, “Organic Hydrocarbons Law”. By Law N ° 26225, published on August 24, 1993 and in force since November 22, the “Law of Organization and Functions of PERUPETRO SA” was approved. Subsequently, by Supreme Decree N ° 048-93-EM, published on 15 On November 1993, the Company's Bylaws were approved.
The promotion of investment in hydrocarbon exploration and exploitation activities; the negotiation and supervision of oil contracts and technical evaluation agreements; payment of the fee, surcharge and participation in the rent; the commercialization of Hydrocarbons coming from the areas under Contract whose ownership corresponds to it. The Data Bank must also form and administer through third parties the information related to hydrocarbon exploration and exploitation activities.
The average annual oil production in 1993 was 135,777 BPD.
At the moment that PERUPETRO S.A. began its operations inherited nineteen (19) current PETROPERÚ contracts, ten (10) Exploitation contracts and nine (09) Exploration contracts.