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  • Peru will triple oil production in the next five years
  • Peru eyes becoming exporter of natural energy
  • UAE cited as one of the world leaders in technology in the energy sector

During the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) this week, the Director of the Trade, Tourism & Investment Office of Peru, Alvaro Silva Santisteban, shared within his panel the plans of Peru to expand its oil production capacity in the coming years.

“Peru has one of the largest natural gas and hydroelectric power sources in Latin America, which comprises 90% of the country’s energy supplies Mr. Silva-Santisteban said speaking at the event. “In addition, Peru aims to export natural gas in the coming years, as it has the second biggest reserves in Latin America.”

“We also plan to triple our oil production capacity in the next five years, as well as aiming at increasing the number of basins explored.”

The importance of how technology is aligning itself side-by-side with current energy production mechanisms and industry requirements, was further noted by Mr. Silva-Santisteban during his interventions within the panel -Promoting finance stability & increased levels of global collaboration between Governments-. “The array of new technological innovations and models are impacting the energy sector and becoming the new frontier of international trade. The UAE as an example, is tapping into the latest technological innovations across various industry sectors to become pioneers within the field.”

“Another essential element in attracting trade towards any particular country is maintaining a “sound base” where investors, government and businesses feel confident in exchanging resources and investing over the course of the long-run. 25 years ago, Peru realized that, regardless the political sentiment running the nation, the country’s economy needed to be run in parallel and as independently as possible. In order to promote financial stability, it is necessary to first be able to vouch to a greater extent, the existence of political stability. With this in mind it is only imperative to reassure all considerations needed towards geopolitics.”

Finally, Mr. Silva-Santisteban mentioned the importance of strengthening trade partnerships and greater collaboration between countries, particularly across different horizons -such as oil producers partnering with car manufacturers-. This will act as a key driver for fueling trade and investment prospects across the oil, gas and clean energy sectors.

“There is no need to try to understand whom should govern whom but rather to interiorize that no one independently is to succeed (Government, Regulators and Private Sector). With the aim that we all should strive to have more collaborative scenarios with all our stakeholders being internally within a nation, regionally and globally”.

The conference also underlined the major global economic conditions and growing investment trends impacting the energy sector, such as oil price fluctuations, cost of production and sustainability. The four-day exhibition which took place in Abu Dhabi brings together thousands of influential oil and gas industry stakeholders and experts every year, to exchange their knowledge and ideas for the future of the energy sector.

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