Chevron, Anadarko, and investment affiliate Westlawn signed on to a revived alliance to increase hydrocarbon exploration off Peruvian coastlines, as part of a move towards the rehabilitation of the country's upstream industry.
The three partners inked the new license agreements with Perupetro for Trujillo basin Blocks Z-61, Z-62, and Z-63, an offshore 6,018-square-kilometer block roughly 50 nautical miles northwest of La Libertad and Lambayeque. Anadarko will remain operator with a 35% stake, with Chevron and Westlawn each holding 35% and 30%, respectively.
The partners have just purchased Peru's biggest-ever 3D marine seismic survey, May-July 2024. The results would be received in early 2026, when the partners would decide whether they would go for exploratory drilling or not. Success would unlock 100,000–150,000 bpd of production potential backed by over $1 billion of investment.
Perupetro explained that the agreement proves the growing international confidence in the potential of Peru's hydrocarbon resources and confirms the energy security of the nation. The project was signed off on by President Dina Boluarte and Energy Minister Jorge Montero on the political level of the project.
Peru's offshore Trujillo basin is one of Latin America's most underexplored frontier basins. Commercial discoveries, if any, would get the country out of its import dependency and attract more foreign investment from multinationals oil majors.