Chevron —the world's third-largest oil company— and Westlawn —a major global oil and gas investment fund— on Wednesday formalized their partnership with Anadarko to explore hydrocarbons in the Peruvian sea.
It included the participation of President Dina Boluarte, Energy and Mines Minister Jorge Montero, Perupetro Board Chairman Pedro Chira, and Anadarko-Chevron-Westlawn consortium representatives, marking a significant milestone for Peru's hydrocarbon sector.
Anadarko will remain the contract operator with a 35% stake, Chevron will assume 35%, and Westlawn 30%, forming a new consortium of internationally experienced companies, with high technological, social, and environmental standards.
Blocks Z-61, Z-62, and Z-63 are located in the Trujillo Basin offshore, 50 nautical miles from the coastlines of northern Lambayeque and La Libertad regions, where seabed depths range from 100 to 2,400 meters, east to west.
The contracts are currently in the second period of the exploration phase, in charge of recording, reprocessing, and interpreting data obtained from 3D marine seismic surveys conducted between May and July 2024.
During this period, 6,018 km² of 3D marine seismic data were recorded, making it the largest study ever conducted in Peru and along the Pacific coast.
The results of these studies are expected to be ready in the first quarter of 2026, when the Anadarko-Chevron-Westlawn consortium will decide whether to move to the third exploration period, whose commitment is to drill an exploratory well.
This drilling activity is crucial, as only through it can the presence of hydrocarbons be confirmed.
If successful, the project could potentially yield between 100,000 and 150,000 barrels of oil per day (bpd) in an optimal scenario, with investments exceeding US$1 billion.
Hydrocarbon potential attracts investment
The entry of world-class players into Peru is expected to attract other major global energy companies interested in the hydrocarbon potential of the South American country's various oil basins.
The Trujillo Basin holds significant undiscovered potential.
If the exploratory work in this basin proves successful, Peru could be on the verge of a major discovery, which would improve the country's hydrocarbon trade deficit.
New exploration investments would enable the discovery of additional reserves, increase hydrocarbon production, and, therefore, reduce Peru's dependence on imports, strengthening its energy security.
Perupetro will continue to promote new investments as part of its role in encouraging the exploration and exploitation of the oil and gas resources present in the country's 18 sedimentary basins.