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Oil and Gas Alert - December 2024

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December 31, 2025

Ministerial Resolution that establishes the minimum amounts of the extra-contractual civil liability insurance policies applicable to agents that develop activities in the Hydrocarbons Subsector was approved

On December 30, 2024, Ministerial Resolution No. 485-2024-MINEM/DM (hereinafter, the “Resolution”) was published in the Official Gazette El Peruano, which establishes the minimum amounts of the extracontractual civil liability insurance policies (hereinafter, the “Insurance Policies”), applicable to agents that develop activities in the Hydrocarbons Subsector.

The Resolution includes aspects that Ministerial Resolution No. 195-2010-MEM-DM, which established the amounts of the Insurance Policies, now repealed by the Resolution, did not contemplate. Among the main novelties are the following:

The minimum amounts of the Insurance Policies of the new agents in the activities of commercialization of Natural Gas Vehicles (hereinafter, “NGV”), Compressed Natural Gas (hereinafter, “CNG”) and Liquefied Natural Gas (hereinafter, “LNG”) are included, in line with the modifications approved in the year 2021 by Supreme Decree N° 016-2021-EM, which amended the Regulation for the Installation and Operation of NGV Retail Establishments, approved by Supreme Decree N° 006-2005-EM, and by Supreme Decree N° 021-2021-EM, which amended the CNG and LNG Commercialization Regulation, approved by Supreme Decree N° 057-2008-EM.
The minimum amount applicable to the Insurance Policies of the Lubricant Processing Plants is expressly included.

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Ministerial Resolution that establishes the minimum amounts of the extra-contractual civil liability insurance policies applicable to agents that develop activities in the Hydrocarbons Subsector was approved