Lot 192 continues without a partner: Perúpetro decides against the company that was aiming for a 79% share

Lot 192 is still not operational and the closest partner has just dropped out. -Andina Credit

The property with the largest reserves in the country remains out of operation. The directory of PERUPETRO SA explained the application submitted by UPLAND OIL AND GAS, LLC to review the decision refusing to qualify as an “economic entity” in order to take a 79% stake in the license agreement for the exploitation of hydrocarbons in Lot 192one of the country’s most important hydrocarbon reserves.

With this declaration, adopted by Board Agreement No. 085-2025 on December 11, 2025, PERUPETRO SA confirms the denial previously announced by management on October 30, 2025.

So that’s it Lot 192 He will continue without a partner, incarcerated and without surgery. This decision was due to the fact that the company had not demonstrated the necessary economic capacity to take over the country’s large reserves.

Lot 192 from Loreto. With significant reserves and a history of high production, this field is a key factor in Peru’s energy development. Photo credit: Petroperú

“The board has confirmed this UPLAND OIL AND GAS, LLC “has not demonstrated the economic and financial capacity necessary to assume the 79 percent interest in the Lot 192 contract,” Perúpetro reported.

It is known that the project requires investments of $147.51 million. This is the essential amount to ensure a responsible, sustainable operation that meets the technical standards of this strategic property.

“It is important for the sustainable use of the.” Hydrocarbon resources of the country guarantee that each interested company meets the economic and financial requirements established in the Regulation on the Qualification of Interested Parties for the Conduct of Exploration and Exploitation Activities or the Exploitation of Hydrocarbons (DS No. 029-2021-EM) and in the Guidelines for the Qualification of Interested Parties approved by PERUPETRO SA,” they noted.

Lot 192 from Loreto. The reactivation of the jungle field marks a milestone in Petroperú’s efforts to revitalize the country’s oil industry. Credits: Petroperu

Likewise, “the decision of the Board of Directors confirms that the qualification process was carried out with technical accuracy, impartiality and strict compliance with the regulations,” Perupetro clarified.

“The central goal is to ensure that only companies with real and proven solvency “They can engage in projects that have a direct impact on energy security, territorial development and resource extraction for the country,” they added.

For this reason, PERUPETRO SA also reaffirms its commitment to safeguarding Peru’s interests and guarantees that the exploration and exploitation of hydrocarbons will be carried out with responsible operators and with the necessary financial strength to fulfill their obligations.

Lot 192 from Loreto. With this project, Petroperú aims not only to strengthen its position in the energy sector, but also to contribute to the economic and social development of communities in the Amazon, thereby reaffirming its commitment to Peru’s progress. Credits: Petroperu

As already mentioned, the oil company did this last Friday, December 12th Perupetro SA has taken new measures in its plan to strengthen the company. It was named Jorge Aguilar Lizarragaas the company’s new general manager.

What is the profile of the new managing director? Perúpetro reported that Aguilar Lizárraga is a chemical engineer from the National University of Trujillo, holds an MBA from USMP and a specialization in Executive Management from the Graduate School of Business Administration (ESAN), and has extensive experience in managing plant operations in the oil, gas and electricity sectors.

At the same time, new officials were also appointed in the company’s various key corporate departments responsible for promoting, negotiating, signing and monitoring license agreements for hydrocarbon exploration and exploitation in the country.