LIMA, PERU - (September 26, 2003) The U.S. Trade and Development Agency (USTDA) awarded a $465,500 technical assistance grant to PERUPETRO S.A., the state authority in Peru charged with concessioning hydrocarbon exploration and managing hydrocarbon exploitation. The grant was conferred in a signing ceremony at the U.S. Embassy in Peru on September 17, 2003. Mr. John P. Caulfield, Charge d'Affaires at the U.S. Embassy in Lima, signed the grant agreement on behalf of the U.S. Government. Ing. Antonio Cueto, President of the Board of PERUPETRO S.A., signed on behalf of the Grantee.

The USTDA technical assistance grant will be used to help PERUPETRO S.A. explore and configure areas with favorable hydrocarbon potential for promotional acreage offerings to private upstream investors. Given that Peru is a net oil importer confronted with widening production shortfalls, a commercial oil discovery in the Peruvian offshore would counter the country's energy imbalance, thus making a positive contribution to the overall Peruvian economy.

PERUPETRO S.A. requested USTDA-funded technical assistance to help it maximize Peru's hydrocarbon potential, and to increase the country's exploration and exploitation opportunities. In particular, the technical assistance will help PERUPETRO S.A. by providing a framework to develop hydrocarbon plays, leads, and prospects in Peru's offshore basins using sequence stratigraphy analysis.

The U.S. Trade and Development Agency advances economic development and U.S. commercial interests in developing and middle-income countries. The agency funds various forms of technical assistance, feasibility studies, training, orientation visits and business workshops that support the development of a modern infrastructure and a fair and open trading environment. USTDA's strategic use of foreign assistance funds to support sound investment policy and decision-making in host countries creates an enabling environment for trade, investment and sustainable economic development. In carrying out its mission, USTDA gives emphasis to economic sectors that may benefit from U.S. exports of goods and services.

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