Overview
- Perúpetro’s board on December 11 ratified the denial of Upland Oil & Gas’s classification as a qualified economic entity for Lote 192 under Agreement No. 085-2025.
- Upland disputes the finding and says it will seek review, citing a US$100 million performance guarantee and a JCR Latam solvency certification for US$147.5 million.
- JCR Latam reported resisting an attempt by a former Perúpetro general manager to obtain confidential evaluation criteria and signaled it would alert internal control and oversight bodies.
- With no approved private partner, Lote 192 remains idle, prolonging lost output and shrinking oil canon revenues that local leaders say are hurting communities in Loreto.
- Analysts note the search for a partner is hampered by high upfront investment needs, recurring disruptions on the Oleoducto Nor Peruano, and longstanding social and environmental risks; Petroperú holds 39% after a prior partner, Altamesa, exited with reported debts.