Overview
- Perupetro’s Qualification Committee notified Upland on October 30 that it failed to substantiate the economic capacity required to hold 79% of the Lot 192 license.
- The agency cited inconsistencies with a JCR LATAM solvency report that touted up to US$147.51 million and the absence of Grupo Coril financing contracts needed to prove real fund availability.
- Upland plans to appeal the disqualification to Perupetro’s board, according to sector reporting.
- Petroperú remains the contract guarantor with production still halted since February 2020 and may invite talks with previously interested companies such as Petrotal, Cheiron and New Stratus.
- The partner was selected by Petroperú under former president Alejandro Narváez through direct negotiation rather than a public tender, a process scrutinized alongside OEFA sanctions on Upland exceeding S/4 million.