PERUPETRO S.A. is the State company, on behalf of the Peruvian State and it is responsible for promoting, negotiating, underwriting and monitoring contracts for exploration and exploitation of hydrocarbons in Peru.
The purpose of PERUPETRO is:
a) To promote hydrocarbons investment in exploration and exploitation activities.
b) To negotiate, execute and monitor contracts and technical evaluation agreements.
c) To train and manage others through the data bank with information related to hydrocarbon exploration and exploitation, may dispose of it in promoting the participation of the private sector, as well as for dissemination purposes to promote investment and research.
d) To assume the rights and obligations of the contractor, in existing contracts, concluded under Decree Law N ° 22774, N° 22775 and its amendments, as well as technical evaluation agreements.
e) To assume the appropriate payment of fee, overfee and income participation.
f) To commercialize only through third parties under the principles of free market, hydrocarbons from the areas under the contract, which property will be.
g) To deliver to the Treasury, the day after they are collected, revenue as a result of contracts, deducting:
h) To propose to the Ministry of Energy and Mines other policy options related to hydrocarbon exploration and exploitation.
i) To participate in the development of sector plans.
j) To coordinate with the corresponding entities, compliance with the provisions related to environmental preservation
On August 19, 1993 was enacted Hydrocarbons Law, Law N° 26221, the same as that entered into force on November 18, 1993. That measure was amended by Act N° 26734 of December 30, 1996, N° 26817 of June 23, 1997, N° 27343 on 1 September 2000, N° 27377 of December 6, 2000 and the Law N° 27391 of December 29, 2000.
In virtue of this rule, which aims to promote investment in hydrocarbon exploration and exploitation, the Peruvian government created PERUPETRO S.A. as a State Enterprise Sector Private Law Energy and Mines, which began operations on November 18, 1993