• Independent certifier NSAI shows that proved reserves (1P) rose from 48 mmbbls to 67.1 mmbbls.
  • The proven reserves (1P) of the Brittany-Lot 95 Field total 62.9 million barrels of crude oil (mmbbls).
  • The proven and probable (2P) reserves of lots 95 and 131 amount to 113.7 mmbbls, and including possible (3P) to 213.3 mmbbls.

PetroTal Corp. reported that the proved reserves (1P) for lots 95 and 131 recorded a growth of 40% in the comparison with the same period in 2023.

This is according to the certification of the prestigious independent consultancy firm Netherland, Sewell & Associates, Inc.(NSAI), which puts PetroTal's 1P reserves at at 67.1 million barrels of oil (mmbbls), when by the end of 2023 they would reach 48 mmbbls.

In the case of the Bretaña Norte Oil Field in Block 95 (Puinahua, Loreto), the corporation's main asset, 1P reserves total 62.9 mmbbls. Of this total, 44.8 mmbbls are Proved Developed Producing Reserves (PDP), the most highly valued in the industry due to the level of certainty they offer investors.

"Taking into account the 23.2 mmbbls already produced by the end of 2024, Britain should recover a total of 86.1 mmbbls.. We have quadrupled the size of the field since we began our development program in 2018," noted Manolo Zúñiga, CEO of PetroTal.

"Brittany is a world-class asset and we are always looking for new ways to maximize its value by trying to extract the maximum of its oil reserves, either by optimizing our development plan or by opening new routes for production, but always protecting the environment and empowering the communities in our area of influence," added Manolo Zúñiga.

MEIA-d of the Brittany Field development project

According to the NSAI certification, the probable reserves of Brittany are estimated at 45 mmbblswhile probable plus possible reserves total 143.7 mmbbls. The confirmation of greater oil reserves is good news for the country because their eventual extraction will contribute to strengthen energy security, generate royalties and revenues for the treasury, attract investments, among other benefits, said Guillermo Flórez, general manager of PetroTal Peru.

In order to develop these probable and possible reserves, which are of higher risk, PetroTal requires the Modification of the Detailed Environmental Impact Study (MEIA-d) The project is being evaluated by the National Environmental Certification Service for Sustainable Investments (Senace), an entity attached to the Ministry of the Environment.

In compliance with the administrative procedure, PetroTal has executed a Citizen Participation Plan in Puinahua, the district of Loreto where the operation is located, which included several participatory workshops in all the localities and communities of the district, a public hearing, delivery of informative material, among others, in order to inform about details of the MEIA-d and collect recommendations and contributions from the population.

The recent NSAI certification considers that Britain can produce up to 35,000 barrels of oil per day (bpd). because PetroTal continues to maximize Brittany's production. In this regard, Guillermo Flórez indicated that the MEIA-d contemplates a project to potentially increase the field's production to 50,000 bpd, expanding its infrastructure and drilling new wells.

The approval of the MEIA-d will allow the generation of approx. US$2 550 million in taxes for the treasury, US$420 million in profit sharing, and about US$335 million in contributions to the Permanent Fund for the Development of the Puinahua District, not counting the oil canon transfers for the provinces and districts of Loreto, particularly those of the province of Requena and the district of Puinahua.

Oil royalty

According to Perupetro's figures, the operation of the Brittany Field in Block 95 generated more than S/216 million of oil canon for Loreto in 2024emissions, as a result of the 6.4 million barrels produced in that period.

In compliance with the new royalty distribution methodology in Loreto, Puinahua was the most benefited district with S/22.4 million transferred from canon and oil surcharge in 2024.The province of Requena and its districts, including Puinahua, received S/66 million canon and surcanon last year. Similarly, in the province of Requena and its districts, including Puinahua, S/66 million of canon and surcanon was distributed last year, a figure that is almost 800% higher than in 2023 (S/ 7.4 million), according to Prospectiva Amazónica.

In this regard, the company emphasized that the potential production of the 206.6 mmbbls of Brittany reserves, between proven, probable and possible, would ensure a sustained flow of royalties and taxes that will benefit the entire country, as well as the Loreto region and especially its producing provinces and districts.

To maximize the value of the Brittany Field and achieve all these benefits, Guillermo Flórez indicated that, in addition to the approval of the MEIA-d, access to the transportation of its production through the Norperuvian Oil Pipeline (ONP) is required under viable operational and commercial conditions.

"ONP's current transportation system implies a prolonged cycle of several months for the crude to reach the Bayovar terminal, on the coast. For this reason, a financial scheme is needed to minimize the impact on working capital and guarantee the sustainability of operations", he explained, adding that social peace in the area of its operations is also fundamental to ensure its continuity and growth.