Peru reports on oil-exploration investment

Nov 15, 2001 01:00 AM

Peruvian Energy and Mines Minister Jaime Quijandria said that oil-exploration investment declined to $ 30 mm in 2000, adding that only three oil wells had been dug this year.
Quijandria told that oil-exploration investment averaged $ 150 mm per year during 1998-1999 and pointed out the industry would need to dig an average of 10 wells per year to survive. The minister added that mining investment had also declined because the government had not approved a sales-tax exemption on mining and oil sector investment.

Source: EFE
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