PetroTal continues to accrue the in-depth contributions from January 2022, provided that the operation and transportation of its production in the district is not paralyzed by social protests.

The Development Fund for the Puinahua District is now formally a reality. Through a supreme decree published today in the official gazette El Peruano, the Ministry of Energy and Mines (MINEM) approved the modification of the License Contract for the Exploration and Exploitation of Hydrocarbons in Block 95, operated by PetroTal, a Peruvian-led and operated company.

After verifying compliance with all legal requirements demanded by the Regulations of the Sole Ordered Text of the Organic Hydrocarbons Law, the MINEM issued Executive Order No. 006-2023-EM, to incorporate Clause Twenty-Third, referring to anti-corruption issues, and Clause Twenty-Fourth, which formally creates the Development Fund; and also authorizes Perupetro to sign with PetroTal the modification of the license agreement.

As previously reported, the boards of directors of Perupetro and PetroTal approved last December the contract amendment project, which incorporates the Development Fund for the Puinahua District, an innovative initiative of the company, which seeks to raise the quality of life and promote the development of the producing district, in the province of Requena, Loreto region.

This Development Fund, to which PetroTal contributes 2.5% of the value of its controlled oil production - provided that the operation and transportation of its production in the district is not paralyzed by social protests - will finance social development projects (basic and productive infrastructure) and interventions that will benefit the 18 localities of the Puinahua district and guarantee the post-oil life of the producing district, where the Bretaña Norte Field is located.

Since January 2022, the company has been making biweekly contributions to the 2.5 Fund, which in October of last year made it possible to deliver the so-called Extraordinary Economic Solidarity Contribution to all Puinahuino citizens registered in the electoral roll, as a support in the context of the COVID-19 pandemic.

The Fund 2.5 will be managed by a Board of Directors, prior approval of its regulations, which will identify and evaluate the most urgent and important social projects for the development of the localities of the Puinahua district. It should be recalled that the clause of the Fund 2.5, apart from having been agreed between the parties -Perupetro and PetroTal- obtained the support of all the participants in the Technical Round Table of Lot 95, among them the Presidency of the Council of Ministers, the Ministry of Energy and Mines and the social organizations represented by the Indigenous Association for the Development and Conservation of Lower Puinahua (Aidecobap) and the Board of Authorities of Puinahua (JAP).