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Oil companies press for state reforms in Peru to boost output, WSJ says

In order to urge Peru's President Ollanta Humala's administration to overhaul regulations in the hydrocarbons sector, a group of oil companies have created the Peruvian Hydrocarbons Society, reported the Wall Street Journal. The oil companies, including the local units of Brazil's state-run Petroleo Brasileiro (PBR), Spain's Repsol (REPYY) and Ecopetrol (EC), are looking for government reforms in Peru to help reverse years of declining crude output and convert the country into a net oil exporter, the report said.