Latin America has a significant potential of oil and gas resources, so it is necessary to have cutting edge technology and accelerate the procedures to obtain permissions to perform operations.

On March 28, ARPEL closed the LATINVEP 2014 Forum and Exhibition which brought together around 300 representatives of companies engaged in exploration and production of oil and gas in the region.

Benito Pi├▒eiro, Chairman of the ARPEL Board of Directors, stressed that this forum helps facilitate the growth of the industry in the region.

"These spaces promote integration in the region, and the experiences exchanged foster sustainable energy development," he stated.

It should be noted that the event comprised seven conferences, nine plenary sessions and an interactive survey that provided information about the priorities of participants.

As part of the final conclusions, he said that the demand for energy will continue to grow at an annual rate of 1.5%, and that liquid hydrocarbons will remain the main component of the matrix.

"The region has a significant potential of oil and gas resources, and a good positioning in the global context. Investments in the sector vary from one country to another, but all of them have existing and potential resources," he said.

Finally, Evandro Correa, Director of E&P Pacific - Repsol and Vice-president of the Organizing Committee, said that LATINVEP 2014 showed that Latin America offers various investment opportunities. He added, however, that the political risks and fiscal issues of the countries are the main challenges to be faced by the sector.

"Investments in the upstream sector represent an important contribution to the GDP of the countries and their growth supports directly and indirectly the economic development of the countries in the region,"e; he stated.

Along these lines, he said that while regulations on hydrocarbons are still in early stages, this is most likely going to change in order to attract more investments.

"Companies are looking for greater profitability and sustainability, while the State is seeking greater capacity of investment, income and responsible operations. Peru needs to be more competitive compared with neighboring countries due to the long time of the permit-granting process. As this process becomes more expeditious, Peru will be an oil exporter," he said.

Finally, he added that it is important to develop cutting edge technology, and have access to it, in order to meet the demand of the sector. Thus, strategic alliances are required, and it is necessary to promote the service-providing sector and the development of local capacities, to implement social responsibility programs and to communicate efficiently with the communities.

The President of Petroperu, Mr. Hector Reyes, the President of Perupetro, Mr. Luis OrtigasC├║neo, and the Executive Secretary of ARPEL, Mr. Jorge Ciacciarelli, also attended the closing ceremony.