Chevron, Anadarko, and investment fund Westlawn have formalized a new partnership to advance hydrocarbon exploration offshore Peru, marking a significant step in revitalizing the nation’s upstream sector.
The three companies signed amended license agreements with Perupetro for Blocks Z-61, Z-62, and Z-63 in the Trujillo basin, an offshore area covering 6,018 km² some 50 nautical miles off the coasts of Lambayeque and La Libertad. Anadarko will remain operator with a 35% stake, while Chevron and Westlawn take 35% and 30% respectively.
The consortium recently completed Peru’s largest-ever 3D marine seismic survey, conducted between May and July 2024. Results are expected in early 2026, at which point the partners will decide whether to proceed with exploratory drilling. Success could unlock production potential of 100,000–150,000 bpd, backed by more than $1 billion in investment.
Perupetro said the agreement demonstrates growing international confidence in Peru’s hydrocarbon potential and strengthens national energy security. President Dina Boluarte and Energy Minister Jorge Montero attended the signing ceremony, underscoring the project’s political importance.
Peru’s offshore Trujillo basin is considered one of Latin America’s most underexplored frontier regions. If commercial discoveries are made, the basin could help reduce the country’s reliance on imports while attracting further foreign investment from global oil majors.
