As three oil and gas players — Chevron, Anadarko, and Westlawn — have forged a consortium to pursue hydrocarbon exploration off the coast of Peru, the results of a previously undertaken 3D marine seismic survey are the first item on their agenda, followed by a drill-or-drop decision.
The trio’s formalization of their partnership to search for hydrocarbons in the Peruvian Sea, also known as Mar de Grau, has the potential to make it possible to discover new reserves, increase production of hydrocarbons, and strengthen the country’s energy security, according to Perupetro, which signed the modification of the license agreements of blocks Z-61 , Z-62 , and Z-63 with the companies.
The signing of these agreements was attended by Dina Boluarte , Peru’s President; Jorge Montero , Minister of Energy and Mines; Pedro Chira , President of the Board of Directors of Perupetro; and representatives of the consortium, where Anadarko will remain in the operator role with a 35% stake, Chevron assumes 35% interest, and Westlawn 30%.
Perupetro highlighted: “The entry of world-class players into Peru will attract other major competitors in the global energy industry, interested in the hydrocarbon potential of our various oil basins.
“The Trujillo Basin has significant potential to be discovered and, if the exploratory work to be carried out in this basin is favorable, Peru could be facing an important discovery, which would improve our trade balance deficit in hydrocarbons.”
The deal in Peru comes shortly after Chevron and other players, including Höegh Evi, SLB, and Energean, strengthened bonds with Egypt to enable the country to step up its hydrocarbon exploration, liquefied natural gas (LNG), and sustainability games.
The licenses for the three blocks in Peru are said to be in the second period of the exploration phase, meaning that the companies’ commitment is to record, reprocess, and interpret the information obtained from the 3D marine seismic, carried out between May and July 2024.
With 6,018 square kilometers of 3D marine seismic data recorded, this is perceived to be the largest study ever in Peru and on the Pacific coast, whose results are expected to be ready in the first quarter of 2026, when the consortium will decide whether to advance toward the third exploratory period to drill an exploratory well.
The state-owned player emphasized the importance of drilling activity to confirm the existence of hydrocarbons. If the drilling leads to a discovery, there is a production potential of between 100,000 and 150,000 barrels per day of oil (bpd) in an optimal scenario, bringing millions of dollars in investments.
“Perupetro will continue to promote the arrival of new investments as part of its promotional role, in order to promote the exploration and exploitation of oil and gas resources that lie in the country’s 18 sedimentary basins,” highlighted the firm.
The blocks Z-61, Z-62, and Z-63 in the Trujillo Basin are situated at a distance of 50 nautical miles from the coastlines of the Lambayeque and La Libertad regions, where the depths of the seabed vary from east to west between 100 and 2,400 meters.
LNG is also on Peru’s energy menu. Last year, MidOcean Energy augmented its interest in an LNG export plant in Pampa Melchorita, said to be the inaugural facility of this type in South America.