stated that the natural gas field at Lot 58 in Cusco region, operated by China National Petroleum Corporation (CNPC), is expected to begin operations in March 2026.
"Lot 58, which is adjacent to the Camisea Lot in La Convencion, Cusco, has also shown results of nearly four trillion cubic feet of natural gas reserves, (specifically) methane," Montero said.
"That is being handled by the oil giant CNPC. They have already announced that this gas field could begin operations in March of next year," he added.
In that regard, the Cabinet member highlighted "the valuable and important natural resources that bless Peru and its population."
"We have oil and gas to support our sustainable development for decades," Montero stated.
The minister made this statement after reiterating the possible discovery of significant quantities of oil and gas in the sea off Peru's northern coast.
"We have three blocks on the continental shelf; in fact, they are three offshore blocks, located nearly 100 miles from the coastline. We are talking about the coasts of La Libertad and Lambayeque (regions). These are Lots Z-61, Z-62, and Z-63," the minister specified.
"There is a major oil company, Anadarko, which has carried out analyses and seismic studies along a very long line stretching hundreds of kilometers, and the results have been positive. There are signs of very strong oil and gas fields," Montero noted.
"So much so that Anadarko has entered into a partnership with a global oil giant, Chevron. They are now close to starting not only seismic studies but also deep exploratory drilling," he explained.
"That means that probably we could have major news regarding the proven oil and gas reserves in Peru, off the Peruvian coast by the end of this year or in the first quarter of next year," he added.
The government official reiterated that Peru currently produces 45,000 barrels of oil per day but consumes 300,000 barrels daily.
"We have a huge trade deficit in hydrocarbons, but this discovery could change everything, turning the hydrocarbons trade balance from negative to clearly positive and closing the circle on Peru's energy security," Montero emphasized.
"That would be great news, and we hope these explorations yield positive results," he pointed out.
The minister made this statement at a press conference following the Council of Ministers meeting at the Government Palace on Wednesday afternoon.