[3] Among the current strategic objectives of the company are the supply of fuel to the entire Peruvian market, as well as financial sustainability and its operations, with an emphasis on safety and care for the environment.

The newly created company was chaired by another General, Marco Fernández-Baca Carrasco and had to face the challenges of operating and maintaining the recently nationalized oil industry with local personnel.

[5][6] The company and the government nevertheless had the assistance of Soviet technicians and were able to retain middle managers, surviving and even thriving despite reduced production capacity.

Extraction and refining progressively increased owing to oilfield discoveries in the northern jungle (Loreto Department), association agreements that followed after Gen Velasco's deposition by another coup in 1975, and the construction of the North Peruvian Pipeline (Oleoducto Norperuano).

This way, Petroperu takes over the administration of this temporary concession in order to guarantee the continuity of the provision of the public service of natural gas distribution through the pipeline network in the Arequipa, Moquegua and Tacna regions.

[18] Also in 2021, it received authorization from the Executive Power to issue bonds worth up to $1 billion to finance the last phase of the modernization works of the Talara Refinery.

[35][36][37][38] The objective of the Project is to extract the crude oil reserves discovered in the Situche Central field, in Lot 64, located in the Loreto region.

The project was planned to be developed in accordance with the terms and conditions of the Joint Investment contract signed by Petroperú S.A. and Geopark Peru S.A.C.

The heavy crude from the lots located in the northern jungle of Peru will be transported by the North Branch of the ONP, from Andoas to Station 5 and from there to Bayóvar through Section II.

Also, the modernization plan includes a strategy to open the company's capital to private partners, up to 49%, and to be listed on the Stock Exchange, a target for the following months and years.

[59][60][61] For his part, the president of Petroperu in that period, Héctor Reyes Cruz, believes that the modernization includes building a new complex to put aside the current infrastructure of the Piura refinery.

Similarly, he stressed that the project is about "the new Talara refinery", which will remove the sulfur content from fuels to make them more friendly to the health and environment of Peruvians.

The new refinery will produce high-octane gasoline, will be able to process heavier crude oils and the investment made will benefit the Piura region and the entire country.