Overview
- Peru-Petro granted Petroperú up to six more months on Lote Z-69 to avoid a production stop after an August tender drew no offers, maintaining jobs and regional royalty flows.
- Economy Minister Denisse Miralles said the government will complete a full replacement of Petroperú’s board this week to align leadership with its turnaround goals.
- Petroperú reported a net loss of US$355 million through September 2025 and a negative working capital of about US$1.347 billion, underscoring limited capacity to finance operations.
- Peru-Petro disqualified Upland Oil & Gas as the economic operator for a 79% stake in Lote 192 over insufficient financial capacity; Upland says it will seek a review and the block remains idle.
- Tender calendars are being adjusted, including a shifted timeline for the merged Lote 206 process, while the Lote VI license contract has yet to be signed and operations there remain halted as Peru-Petro works to conclude the agreement before the Nov. 11 deadline.