By Roque Benavides, President of Compañía Minera Buenaventura
Peru is a country blessed with a wealth of natural resources—gas, oil, and minerals—that, when developed responsibly, can serve as a powerful engine for national progress. Harnessing these assets means more than just extraction: it demands environmental stewardship, respect for local communities, and a firm commitment to improving the lives of all Peruvians.
In this context, exploration emerges as a fundamental activity. Just as “research and development” drives innovation in technology, “exploration and development” fuels sustainability in extractive industries. Without it, the long-term viability of our natural resource sectors—and the economic growth they enable—is at risk.
Consider the case of Camisea, a cornerstone in Peru’s gas development. Its contribution has been vital, yet its production is expected to decline over the next 15 years. Without identifying and developing new reserves, we face the very real threat of energy shortages, rising costs, and broader economic repercussions.
One of the most promising prospects is the Candamo field in Madre de Dios, estimated to hold over 10 trillion cubic feet of natural gas. Although it lies within a protected area, technological advancements—like remote horizontal drilling—make it possible to tap into these reserves with minimal environmental impact. The Camisea project itself is proof that sustainable extraction is achievable.
Peru’s petroleum potential is equally significant, particularly in the Amazon and offshore regions. These untapped areas represent an opportunity we not only have the right to pursue, but the responsibility to explore, for the benefit of current and future generations.
In the mining sector, the outlook is equally compelling. The Ministry of Energy and Mines reports 75 exploration projects underway, totaling $644 million in investment. Copper dominates the landscape, and with good reason: Peru leads the world in copper project potential. As global demand for copper grows—driven by the energy transition and the push for renewable technologies—so too will its strategic importance. With demand poised to outstrip supply, copper prices are likely to surge, underscoring the urgency of exploration.
Peru’s geological potential remains vast and largely untapped. To date, all known mineral deposits have been found at surface level; deeper deposits have yet to be discovered. This unexplored frontier offers immense possibilities—but only if we address one of our biggest hurdles: bureaucratic inefficiency. While it takes less than three weeks to obtain an exploration permit in Canada, the process in Peru can take over a year, putting us at a competitive disadvantage.
Securing the future of our hydrocarbons and mining industries requires more than ambition—it demands streamlined permitting, proactive investment policies, and the adoption of modern, sustainable technologies. By accelerating responsible exploration, Peru can solidify its position as a global resource leader and ensure long-term economic prosperity.
This is not just a matter of economic strategy. It is a national imperative to lift the quality of life for all Peruvians and ensure a more prosperous, energy-secure future.
Originally published in Diario El Comercio.