Chevron, the world’s third-largest oil company, and investment fund Westlawn have joined Anadarko Petroleum in a consortium to explore offshore oil and gas blocks in Peru, in a move officials said could boost energy security and attract further global investment.
The companies signed amendments with state energy agency Perupetro to license blocks Z-61, Z-62 and Z-63 in the Trujillo Basin, about 50 nautical miles off the coasts of Lambayeque and La Libertad, where waters range from 100 to 2,400 meters deep.
Anadarko will remain the operator with a 35% stake, while Chevron will hold 35% and Westlawn 30%. The partnership was formalized on Monday in a ceremony at the Government Palace attended by President Dina Boluarte, Energy and Mines Minister Jorge Montero and Perupetro Chairman Pedro Chira.
The consortium is in the second phase of exploration, which involves reprocessing and interpreting 3D seismic data collected between May and July 2024 across 6,018 square kilometers, the largest such survey ever conducted in Peru and along the Pacific coast.
Results are expected in the first quarter of 2026, after which the partners will decide whether to drill an exploratory well.
A successful discovery could yield between 100,000 and 150,000 barrels of oil per day, with investments exceeding $1 billion, according to Perupetro.
“The arrival of world-class players in Peru will draw other major competitors in the global energy industry, interested in the hydrocarbon potential of the nation’s petroleum basins.
“The Trujillo Basin holds significant undiscovered potential. Should exploration activities there prove successful, Peru could be on the verge of a major discovery that would help reduce its hydrocarbon trade deficit.
“Executing new exploration investments could lead to the discovery of reserves, an increase in production, and a reduction in import dependency, thereby strengthening energy security,” Perupetro said.