Petrotal Corp T.TAL

Alternate Symbol(s): PTALF

Energy Oil & Gas E&P

PetroTal Corp. is an oil and gas development and production company focused on the development of oil assets in Peru. The Company is engaged in the exploration, appraisal and development of oil and natural gas in Peru, South America. Its flagship asset is its 100% working interest in Bretana oil field in Peru's Block 95. Through its two subsidiaries, the Company is engaged in the ongoing development of hydrocarbons in Block 95 with a focus on the development and production from the Bretana oil field. In addition to further leads in Block 95, the Company has significant exploration prospects and leads in Block 107. The Bretana oil field is located in the Maranon Basin of northern Peru. The Company has a 100% working interest in the Bretana oil field. Block 107 has three additional leads, inclusive of the Osheki-Kametza prospect.

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Post by jwillis9on Feb 13, 2023 1:01pm

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Post# 35283332

News

02/13/2023
Site is down or maybe broken link

Resources are earmarked for oil canon transfers to Loreto, among others.
PetroTal paid close to US$23 million for royalties during 2022, according to Perupetro figures.

The 2022 figure is double the amount paid in 2021 ($10.3 million) and is more than seven times the amount in 2020 ($3 million).
The royalties paid by PetroTal, operator of Block 95, are the main source of the oil canon that Loreto receives. According to Perupetro, in 2022, the region received S/ 215 million for this concept.
The oil canon is distributed to the Regional Government, provincial and district municipalities, as well as universities. Its main purpose is to finance or co-finance public investment projects.
Development Fund
In parallel to the payment of royalties and taxes to the treasury, PetroTal contributes the value of 2.5% of its production to the Puinahua District Development Fund, an initiative that promotes the progress and well-being of the district where the Bretaa Norte del Lote field is located. 95.
The process for the formalization of the fund is currently underway, which requires the signing of an addendum to the License contract for Block 95 between PetroTal and Perupetro, authorized by the Presidency of the Republic through a Supreme Decree.
The addendum, which has been approved by the board of directors of the company and Perupetro and which has the support of the social organizations of the district (JAP and Aidecobap), establishes that PetroTal will make the contributions as long as the production of oil and its transportation in the district are not paralyzed by social conflicts.
It also indicates that the fund will be used "solely and exclusively" to finance development projects in the towns of the Puinahua district.

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