Peru has signed a modification of a hydrocarbon exploration and exploitation contract that would enable Chevron and Westlawn to foray into the country’s energy sector.
The agreement was signed by President Dina Boluarte, allowing the US-based companies to operate through a consortium led by Anadarko, a subsidiary of Occidental Petroleum, reported Reuters.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The consortium will work on three offshore blocks in Peru’s northern La Libertad region.
The contract amendment was signed by executives representing the three oil companies and the state regulator, Perupetro.
The initial phase of exploration is backed by a $100m investment from the Peruvian Government.
The blocks are identified as Z-61, Z-62 and Z-63.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThey are situated offshore in the Trujillo Basin, approximately 50 nautical miles from the northern coastlines of the Lambayeque and La Libertad regions, reported Andina.
The seabed depths in this area vary from 100m to 2,400m, extending from east to west.
Peru President Dina Boluarte was quoted by Reuters as saying: “The arrival of Chevron, the world’s third-largest oil company, sends a strong and clear message: Peru is a reliable, serious and stable country for large-scale investment.
“If the exploration confirms oil and gas reserves, we will be facing a true energy renaissance with the capacity to ensure our economic growth for decades.”
According to government data, Chevron and Anadarko will each possess a 35% share in the consortium, whereas Westlawn will own a 30% stake.
Occidental Petroleum international exploration vice-president Pedro Romero said: “This is a project we have been working on for years. It is the beginning of a new adventure.”
Earlier this month, Chevron, in partnership with Helleniq Energy, submitted a bid for natural gas exploration in four offshore blocks in Greece.
