Peru’s President Dina Boluarte said on Wednesday she had signed a modified hydrocarbon exploration and exploitation contract that will allow U.S. firms Chevron and Westlawn to formally enter the country.
The agreement formalises the companies’ entry via a consortium operated by Texas-based Anadarko, a subsidiary of Occidental Petroleum Corporation. Under the contract, the firms will work on three offshore blocks off the northern La Libertad region Z-61, Z-62, and Z-63.
“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,” Boluarte said at a ceremony at the government palace.
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She added: “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 hold a 35% stake in the consortium, while Westlawn will control 30%. The government has previously announced $100 million in investment for the initial phase of exploration.
The contract amendment was signed by executives from the three companies and state regulator Perupetro.
Occidental Petroleum’s vice president of international exploration, Pedro Romero, welcomed the deal. “This is a project we have been working on for years,” he said. “It is the beginning of a new adventure.”
