On Tuesday, Humberto Campodónico, president of Petroperu, said the company would announce conditions for its return to oil extraction in the country’s jungle lots, in the coming days.

"Our goal is to participate in these lots, still in a minority in association with other investors in an investment that is safe and without risk because they are lots that are presently extracting oil,” he said, according to El Comercio

“That must be defined in the next 15 to 30 days.”

Campodónico said the company would work with Perupetro to define the conditions and timetable for the participation, royalties and offers for future extraction of oil.

The head of Petroperu said the move would be important for the company, since it currently only refined crude oil.

"In the year 1996 Petroperu’s oil fields were privatized, and I always say that more than Petroperú we should be called \‘Refinoperú\’, because we buy oil from third parties, refine it and sell it again,” he said.

"We don’t have those oil revenues that are so important to the development of investment.”