Peru's President Dina Boluarte said on Wednesday she had signed the modification of a hydrocarbon exploration and exploitation contract that would allow US firms Chevron and Westlawn to formally enter the country.
The contract formalizes the companies' entry via a consortium operated by Texas-based Anadarko, a subsidiary of Occidental Petroleum Corporation. The contract allows the firms to work on three offshore blocks off Peru's northern La Libertad region, blocks 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.
"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," she added. Chevron and Anadarko will each hold a 35 per cent stake in the consortium, and Westlawn will have a 30 per cent stake, according to government data.
The government had previously announced $100 million in investment in the exploration work's initial phase. The contract amendment was signed by executives from the three oil companies and state regulator Perupetro.
Occidental Petroleum's Vice President of International Exploration, Pedro Romero, said he was optimistic about the project.
"This is a project we have been working on for years," he said in a speech. "It is the beginning of a new adventure."
(Reporting by Marco Aquino; Editing by Richard Chang)
