Econ. Environ. Geol. 2008; 41(5): 609-615

Published online October 31, 2008

© THE KOREAN SOCIETY OF ECONOMIC AND ENVIRONMENTAL GEOLOGY

Analysis on Oil and Gas Development and Business System, Peru

Young-Woo Kil1, Myong-Ho Park2, Seong-Hun Lee2, Hong-Ja Shin1*

1Korea Institute of Geoscience and Mineral Resources (KIGAM), 92 Gwahang-no, Yuseong-gu, Daejeon 305-350, Korea
2Korea National Oil Corporation (KNOC), Gwanyang-dong 1588-14, Anyang, Gyeonggi-do 431-711, Korea

Correspondence to :

Hong-Ja Shin

shj@kigan.re.ar

Received: August 18, 2008; Accepted: October 20, 2008

Abstract

Peru is located on Andean Range and faced Pacific Ocean and one of the important oil and gas production countries in the South America. Peru's oil business have been invested by foreign oil companies due to the good investment environment, even though the Peru could not be self-sufficiency in oil. Increase in oil price of the world has contributed to the oil and gas developments and productions in the last few years in many oil and gas blocks, such as in the 1-AB blocks and Camisea gas field within the Amazon jungles. Korean oil companies also have obtained several oil and gas blocks in the Peru in last few year, corresponding with the resources diplomacy of Korean government.
Investment is strongly expected to be increased in the Peru's oil business due to positive investment environment, such as low royalty rate, tax avoidance, and the favourable terms of the contract to foreign companies etc.

Keywords Peru, oil, gas, royalty, tax

Article

Econ. Environ. Geol. 2008; 41(5): 609-615

Published online October 31, 2008

Copyright © THE KOREAN SOCIETY OF ECONOMIC AND ENVIRONMENTAL GEOLOGY.

Analysis on Oil and Gas Development and Business System, Peru

Young-Woo Kil1, Myong-Ho Park2, Seong-Hun Lee2, Hong-Ja Shin1*

1Korea Institute of Geoscience and Mineral Resources (KIGAM), 92 Gwahang-no, Yuseong-gu, Daejeon 305-350, Korea
2Korea National Oil Corporation (KNOC), Gwanyang-dong 1588-14, Anyang, Gyeonggi-do 431-711, Korea

Correspondence to:

Hong-Ja Shin

shj@kigan.re.ar

Received: August 18, 2008; Accepted: October 20, 2008

Abstract

Peru is located on Andean Range and faced Pacific Ocean and one of the important oil and gas production countries in the South America. Peru's oil business have been invested by foreign oil companies due to the good investment environment, even though the Peru could not be self-sufficiency in oil. Increase in oil price of the world has contributed to the oil and gas developments and productions in the last few years in many oil and gas blocks, such as in the 1-AB blocks and Camisea gas field within the Amazon jungles. Korean oil companies also have obtained several oil and gas blocks in the Peru in last few year, corresponding with the resources diplomacy of Korean government.
Investment is strongly expected to be increased in the Peru's oil business due to positive investment environment, such as low royalty rate, tax avoidance, and the favourable terms of the contract to foreign companies etc.

Keywords Peru, oil, gas, royalty, tax

    KSEEG
    Apr 30, 2024 Vol.57 No.2, pp. 107~280

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