Peru plans to revamp next year its royalty model for the oil industry, aiming to attract investors willing to help the country reach energy self-sufficiency and start moving toward renewable sources, the energy minister said on Wednesday. The incoming government of President Pedro Castillo has called for larger state participation in the country’s key natural gas industry while ensuring companies operating in the oil, gas and mining sectors engage in warmer relations with the communities they operate in. “The new regulation will add dynamic royalties that will vary depending on prices and zones. We are also preparing separate regulations for exploration and production to better regulate the influence of (energy) projects over communities,” said energy minister Eduardo Gonzalez at the World Petroleum Congress in Houston. Lowered royalties should benefit companies operating or interested in operating in mature fields, he said. Even though Peru is […]