1 Table of Contents 2
1.1 List of Tables 8
1.2 List of Figures 10
2 Peru Energy Sector 11
2.1 Peru Energy Sector, Market Overview 11
2.2 Peru Energy Sector, Natural Gas 12
2.2.1 Peru Natural Gas, Overview 12
2.2.2 Peru Natural Gas, Supply and Demand Balance 12
2.2.3 Peru Natural Gas, Regulatory Structure 18
2.2.4 Peru Natural Gas, Infrastructure 18
3 Peru Fiscal Regime 20
3.1 Peru Petroleum Fiscal Environment 20
3.2 License Terms 20
3.3 Key Fiscal Terms 22
3.4 Sample Cashflows Calculations 24
4 Peru Gas Upstream Investment Environment Benchmarking 25
4.1 Introduction 25
4.2 The Overall Ranking 25
4.3 Upstream Fiscal Attractiveness 26
4.3.1 Maximum Government Take Index 27
4.3.2 Maximum State Participation Index 27
4.3.3 Domestic Market Obligation Index 27
4.4 Gas Sector Performance 28
4.4.1 Exploration Activity 30
4.4.2 Gas Production 31
4.4.3 Gas Reserves 31
4.4.4 Gas Consumption 32
4.5 Economic Performance 32
4.5.1 GDP Growth Index 34
4.5.2 FDI Confidence Index 34
4.5.3 Balance of Trade Index 34
4.6 Socio-Political Performance 34
4.6.1 Democracy Index 36
4.6.2 Governance Index 36
5 Peru Exploration and Production Sector 37
5.1 Peru Exploration and Production Sector, Country Snapshot 37
5.1.1 Peru Exploration and Production Sector, Key Data 37
5.1.2 Peru Exploration and Production Sector, Natural Gas Assets Map 37
5.2 Peru Exploration and Production Sector, Marketed Natural Gas Production 38
5.2.1 Peru Exploration and Production Sector, Marketed Natural Gas-Historical Production 38
5.2.2 Peru Exploration and Production Sector, Marketed Natural Gas Production by Assets 39
5.2.3 Peru Exploration and Production Sector, Marketed Equity Weighted Natural Gas Production by Company 39
5.2.4 Peru Exploration and Production Sector, Market Share (%) based on Marketed Natural Gas Production 40
5.3 Peru Exploration and Production Sector, Marketed Natural Gas Forecasts 41
5.3.1 Peru Exploration and Production Sector, Marketed Natural Gas Forecasted Production 41
5.4 Peru Exploration and Production Sector, Gross Revenue Forecast 42
5.4.1 Peru Exploration and Production Sector, Government Take Forecast 42
5.4.2 Peru Exploration and Production Sector, Contractor Take Forecast 42
5.5 Peru Exploration And Production Sector, Natural Gas Asset Details 43
5.5.1 Peru Exploration And Production Sector, Active Natural Gas Asset Details 43
6 Peru Pipeline Sector 44
6.1 Peru Pipeline Sector, Key Data 44
6.2 Peru Pipeline Sector, An Overview 44
6.3 Peru Pipeline Sector, Comparision of Key Natural Gas Pipeline Companies 44
6.4 Peru Pipeline Sector, Natural Gas Pipelines 46
7 Peru LNG Sector 47
7.1 Peru LNG Sector, Key Data 47
7.2 Peru LNG Sector, Liquefaction 47
7.2.1 Peru LNG Sector, Liquefaction, Total Liquefaction Capacity 47
7.2.2 Peru LNG Gas Sector, Liquefaction, Market Share By Company 48
7.2.3 Peru LNG Sector, Asset- Wise Liquefaction Capacity 49
8 Profile Of Petroleo Brasileiro S.A., 50
8.1 Petroleo Brasileiro S.A., Key Information 50
8.2 Petroleo Brasileiro S.A., Company Overview 50
8.3 Petroleo Brasileiro S.A., Business Description 50
8.3.1 Petroleo Brasileiro S.A., Business Description, Business Overview 50
8.3.2 Petroleo Brasileiro S.A., Business Description, Distribution 50
8.3.3 Petroleo Brasileiro S.A., Business Description, Exploration and Production 51
8.3.4 Petroleo Brasileiro S.A., Business Description, Gas and Energy 53
8.3.5 Petroleo Brasileiro S.A., Business Description, International 54
8.3.6 Petroleo Brasileiro S.A., Business Description, Supply 55
8.4 Petroleo Brasileiro S.A., Value Chain Analysis 57
8.4.1 Petroleo Brasileiro S.A., Value Chain Analysis, Upstream 57
8.4.2 Petroleo Brasileiro S.A., Value Chain Analysis, Midstream 58
8.4.3 Petroleo Brasileiro S.A., Value Chain Analysis, Downstream 59
8.4.4 Petroleo Brasileiro S.A., Value Chain Analysis, Retail 60
8.5 Petroleo Brasileiro S.A., SWOT Analysis 60
8.5.1 Petroleo Brasileiro S.A., SWOT Analysis, Overview 60
8.5.2 Petroleo Brasileiro S.A., SWOT Analysis, Strengths 61
8.5.3 Petroleo Brasileiro S.A., SWOT Analysis, Weaknesses 62
8.5.4 Petroleo Brasileiro S.A., SWOT Analysis, Opportunities 63
8.5.5 Petroleo Brasileiro S.A., SWOT Analysis, Threats 63
8.6 Petroleo Brasileiro S.A., Revenue Analysis 64
8.6.1 Petroleo Brasileiro S.A., Revenue by Segment 64
8.6.2 Petroleo Brasileiro S.A., Revenue by Geography 65
8.7 Petroleo Brasileiro S.A., Financial and Operational Review 66
8.7.1 Financial Statements 66
8.7.2 Financial Ratios 67
9 Profile of Sonatrach 68
9.1 Sonatrach, Key Information 68
9.2 Sonatrach, Company Overview 68
9.3 Sonatrach, Business Description 68
9.3.1 Sonatrach, Business Description, Business Overview 68
9.3.2 Sonatrach, Business Description, Downstream 68
9.3.3 Sonatrach, Business Description, Marketing 69
9.3.4 Sonatrach, Business Description, Marketing 70
9.3.5 Sonatrach, Business Description, Pipeline Transportation 71
9.3.6 Sonatrach, Business Description, Upstream 72
9.4 Sonatrach, Value Chain Analysis 74
9.4.1 Sonatrach, Value Chain Analysis, Upstream 74
9.4.2 Sonatrach, Value Chain Analysis, Midstream 75
9.4.3 Sonatrach, Value Chain Analysis, Downstream 75
9.4.4 Sonatrach, Value Chain Analysis, Retail 76
9.5 Sonatrach, SWOT Analysis 76
9.5.1 Sonatrach, SWOT Analysis, Overview 76
9.5.2 Sonatrach, SWOT Analysis, Strengths 77
9.5.3 Sonatrach, SWOT Analysis, Weaknesses 78
9.5.4 Sonatrach, SWOT Analysis, Opportunities 78
9.5.5 Sonatrach, SWOT Analysis, Threats 79
9.6 Sonatrach, Financial and Operational Review 80
9.6.1 Financial Statements 80
9.7 Financial Ratios 81
10 Profile of Repsol YPF, S.A 82
10.1 Repsol YPF, S.A, Key Information 82
10.2 Repsol YPF, S.A, Company Overview 82
10.3 Repsol YPF, S.A, Business Description 82
10.3.1 Repsol YPF, S.A, Business Description, Business Overview 82
10.3.2 Repsol YPF, S.A, Business Description, Chemicals Segment 83
10.3.3 Repsol YPF, S.A, Business Description, Exploration and Production Segment 84
10.3.4 Repsol YPF, S.A, Business Description, Gas and Power Segment 85
10.3.5 Repsol YPF, S.A, Business Description, Refining and Marketing Segment 86
10.4 Repsol YPF, S.A, Value Chain Analysis 89
10.4.1 Repsol YPF, S.A, Value Chain Analysis, Upstream 89
10.4.2 Repsol YPF, S.A, Value Chain Analysis, Midstream 90
10.4.3 Repsol YPF, S.A, Value Chain Analysis, Downstream 91
10.4.4 Repsol YPF, S.A, Value Chain Analysis, Retail 91
10.5 Repsol YPF, S.A, SWOT Analysis 92
10.5.1 Repsol YPF, S.A, SWOT Analysis, Overview 92
10.5.2 Repsol YPF, S.A, SWOT Analysis, Strengths 93
10.5.3 Repsol YPF, S.A, SWOT Analysis, Weaknesses 94
10.5.4 Repsol YPF, S.A, SWOT Analysis, Opportunities 94
10.5.5 Repsol YPF, S.A, SWOT Analysis, Threats 96
10.6 Repsol YPF, S.A, Revenue Analysis 97
10.6.1 Repsol YPF, S.A, Revenue by Segment 97
10.6.2 Repsol YPF, S.A, Revenue by Geography 98
10.7 Repsol YPF, S.A, Financial and Operational Review 99
10.7.1 Financial Statements 99
10.7.2 Financial Ratios 100
11 Financial Deals Landscape 101
11.1 Detailed Deal Summary 101
11.1.1 Acquisition 101
11.1.2 Partnerships 102
11.1.3 Asset Transactions 104
12 Recent Developments 109
12.1 License Rounds 109
12.1.1 Apr 01, 2009: Peru To Accept Bids For Oil And Gas Blocks In July 2009 109
12.1.2 Feb 15, 2009: Peru Looks For Bids To Expand Camisea Pipeline 109
12.1.3 Oct 16, 2008: Peru To Plan New Licensing Round For Next Year 110
12.2 License Awards 110
12.2.1 Apr 20, 2009: Pan Andean Resources Signs Contract For Exploration Block 161 In Peru 110
12.2.2 Apr 17, 2009: Petrolifera Petroleum Wins Block 133 In Peru 111
12.2.3 Apr 16, 2009: Peru Grants 13 Oil Exploration Deals With Overseas Companies 111
12.2.4 Feb 24, 2009: Petrolifera Petroleum Submits EIS For Drilling Block 107 In Ucayali Basin, Peru 112
12.2.5 Sep 26, 2008: Kuntur Receives Consent To Construct South Andean Pipeline In Peru 113
12.3 Strategy and Business Expansion 113
12.3.1 Oct 22, 2008: Talisman Announces No Plans To Leave Peru 113
12.3.2 Oct 06, 2008: Kuntur To Construct $1.4 Billion Peru Gas Pipeline In 2010 114
12.3.3 Jul 08, 2008: RIL And Petroperu Sign Joint Exploration Pact 114
12.3.4 Jun 27, 2008: SK Energy Aims At Six-Fold Increase In Oil, Gas Output 115
12.3.5 Jun 26, 2008: Shell, BPZ To Jointly Explore For Oil And Gas In Northern Peru 116
12.4 Recent Discoveries 117
12.4.1 Jun 27, 2008: Petro-Tech Discovers Natural Gas In Northern Peru 117
12.4.2 Jun 24, 2008: InterOil Discovers Oil In New Peruvian Exploration Well 117
12.5 Drilling and Production Updates 117
12.5.1 May 19, 2009: Pan Andean Resources Updates On Peruvian Blocks 114, 131 117
12.5.2 Apr 24, 2009: Perenco Plans To Commence Production In Peru By 2013 118
12.5.3 Mar 26, 2009: BPZ Resources Updates On CX11-15D Well In Corvina Field, Peru 119
12.5.4 Feb 17, 2009: InterOil Provides 2008 Production Update 119
12.5.5 Feb 11, 2009: InterOil Provides Production Update 119
12.6 Financial Announcements 120
12.6.1 Sep 02, 2008: Maple Reports 1H 2008 Results 120
12.7 Other Significant Developments 123
12.7.1 May 22, 2009: Gold Oil Acquires 2D Seismic Data On Peruvian Offshore Block Z34 123
12.7.2 May 15, 2009: Pan Andean Resources Begins Aero-Gravimetric, Magnetometric Survey On Block 141 In Peruvian Andes 124
12.7.3 May 14, 2009: Pitkin Petroleum Updates On Its Activities In Vietnam, Philippines And Peru 125
12.7.4 May 05, 2009: Repsol To Invest $6 Billion In Peru 126
12.7.5 Apr 29, 2009: Americas Petrogas Provides Operational Update 126
12.8 New Contracts Announcements 128
12.8.1 Apr 20, 2009: PVEP Signs Contract With Perupetro To Explore Oil And Gas In Peru 128
12.8.2 Oct 09, 2008: Kuntur Receives Contract To Construct 700-Mile Pipeline In Peru 128
12.8.3 Sep 16, 2008: Petroperu Awards Talara Refinery Modernization Contract 129
13 Appendix 130
13.1 Methodology 130
13.1.1 Coverage 131
13.1.2 Secondary Research 132
13.1.3 Primary Research 132
13.1.4 E&P Forecasts 132
13.1.5 Midstream Forecasts 134
13.1.6 Expert Panel Validation 134
13.2 Contact Us 134
13.3 About GlobalData 134
13.4 Disclaimer 135

1.1 List of Tables
Table 1: Peru, Historical and Forecasted Production and Consumption of Natural Gas, 1996-2020 13
Table 2: Peru, Historical and Forecasted Exports of Natural Gas, 1996-2020 15
Table 3: Peru, Historical Reserves of Natural Gas, 1996-2008 17
Table 4: Peru, Exploration Period, 2007 21
Table 5: Peru, Exploration Work Obligation, 2007 21
Table 6: Peru, Crude Oil and Natural Gas, Royalty Rate, 2007 22
Table 7: South and Central America, Investment Benchmarking, Overall Country Rankings, 2008 25
Table 8: South and Central America, Investment Benchmarking, Upstream Fiscal Attractiveness, 2008 26
Table 9: South and Central America, Investment Benchmarking, Gas Sector Performance, 2008 28
Table 10: South and Central America, Investment Benchmarking, Economic Performance, 2008 32
Table 11: South and Central America, Country Standings, Economic Performance, 2008 33
Table 12: South and Central America, Investment Benchmarking, Socio-Political Performance, 2008 35
Table 13: South and Central America, Country Standings, Socio-Political Performance, 2008 35
Table 14: Peru, Natural Gas Key Statistics, 2008 37
Table 15: Peru, Total Natural Gas Production (MMcf), 2001-2008 38
Table 16: Peru, Marketed Natural Gas Production (MMcf), by Assets, 2001-2008 39
Table 17: Peru, Marketed Equity Weighted Natural Gas Production (MMcf), by Company, 2001-2008 39
Table 18: Peru, Market Share (%) based on Marketed Natural Gas Production, 2001-2008 40
Table 19: Peru, Marketed Natural Gas Production(MMcf), Forecast by Assets, 2009-2014 41
Table 20: Peru, Forecasted Assets-wise Gross Revenue(000'$), 2009-2014 42
Table 21: Peru, Projected Assets-wise Total Government Take(000'$), 2009-2014 42
Table 22: Peru, Projected Assets-wise Total Contractor Take(000'$), 2009-2014 42
Table 23: Peru, Active Gas Field Assets Details 43
Table 24: Peru, Pipeline Key Statistics, 2008 44
Table 25: Peru , Natural Gas Pipeline Length by Company (Km), 2008 44
Table 26: Peru, Natural Gas Pipelines, 2008 46
Table 27: Peru Liquefaction Capacity (Million Tonnes), 2000-2015 47
Table 28: Peru , Liquefaction Capacity, Company- Wise (Million Tonnes), 2000-2015 48
Table 29: Peru, Liquefaction Capacity (Million Tonnes), 2000-2015 49
Table 30: Petroleo Brasileiro S.A., Key Facts 50
Table 31: Petroleo Brasileiro S.A., SWOT Analysis 61
Table 32: Petroleo Brasileiro S.A., Revenue by Segment, USD Million, 2003-2007 64
Table 33: Petroleo Brasileiro S.A., Revenue by Geography, USD Million, 2003-2007 65
Table 34: Petroleo Brasileiro S.A., Financial Statements, USD Million, 2003-2007 66
Table 35: Petroleo Brasileiro S.A., Financial Ratios, USD Million, 2003-2007 67
Table 36: Sonatrach, Key Facts 68
Table 37: Sonatrach, SWOT Analysis 77
Table 38: Sonatrach, Financial Statements, Algerian Dinar Million, 2003-2007 80
Table 39: Sonatrach, Financial Ratios, Algerian Dinar Million, 2003-2007 81
Table 40: Repsol YPF, S.A., Key Facts 82
Table 41: Repsol YPF, S.A., SWOT Analysis 92
Table 42: Repsol YPF, S.A., Revenue by Segment, Euro Million, 2003-2007 97
Table 43: Repsol YPF, S.A., Revenue by Geography, Euro Million, 2003-2007 98
Table 44: Repsol YPF, S.A., Financial Statements, Euro Million, 2003-2007 99
Table 45: Repsol YPF, S.A., Financial Ratios, Euro Million, 2003-2007 100
Table 46: Gold Oil To Acquire Plectrum Petroleum From Capricorn Oil 101
Table 47: Perupuerto Enters Into License Agreement With Talisman (Peru) And Ecopetrol del Peru 102
Table 48: RIL Enters Into Partnership With PeruPetro 103
Table 49: Ecopetrol To Acquire Stakes In Two Exploration And Production Blocks In Peru 104
Table 50: Petrominerales Acquires 55% Interest In Peru's Block 126 105
Table 51: CEPSA Acquires Interests In Blocks 114 And 131 In Peru From Pan Andean Resources 106
Table 52: CEPSA Acquires Interests In Blocks 114 And 131 From Pan Andean 107
Table 53: Reliance Industries Acquires Majority Stake In Peru Block From Pan Andean Resources 108

1.2 List of Figures
Figure 1: Peru, Energy Sector break-up, 2008 11
Figure 2: Peru, Natural Gas Production And Consumption, Billion Cubic Feet, 1996-2020 14
Figure 3: Peru, Historical and Forecasted Exports of Natural Gas, 1996-2020 16
Figure 4: Peru, Natural Gas Reserves, Billion Cubic Feet, 1996-2008 18
Figure 5: Peru, Upstream Oil & Gas Fiscal Regime (Royalty/Tax), Sample Cashflows, 2005-2016 24
Figure 6: South and Central America, Country Standings, Upstream Fiscal Attractiveness, 2008 27
Figure 7: South and Central America, Country Standings, Gas Sector Performance, by Reserves-Exploration & Production, 2008 29
Figure 8: South and Central America, Country Standings, Gas Sector Performance, by Production & Consumption, 2008 30
Figure 9: South and Central America, Country Standings, Exploration Blocks Awarded, 2008 31
Figure 10: South and Central America, Country Standings, Economic Performance, 2008 33
Figure 11: South and Central America, Country Standings, Socio-Political Performance, 2008 36
Figure 12: Peru, Natural Gas Assets Map, 2008 37
Figure 13: Peru, Total Marketed Natural Gas Production (MMcf), 2001-2008 38
Figure 14: Peru, Marketed Equity Weighted Natural Gas Production (MMcf), by Company, 2001-2008 40
Figure 15: Peru, Market Share (%) based on Marketed Natural Gas Production, 2008 41
Figure 16: Peru , Natural Gas Pipeline Length by Company (Km), 2008 45
Figure 17: Peru Liquefaction Capacity (Million Tonnes), 2000-2015 48
Figure 18: Peru Liquefaction Capacity, Company- Wise (Million Tonnes), 2000-2015 49
Figure 19: Petroleo Brasileiro S.A., Value Chain Analysis 57
Figure 20: Sonatrach, Value Chain Analysis 74
Figure 21: Repsol YPF, S.A., Value Chain Analysis 89
Figure 22: GlobalData Methodology 131