Woodlands, Texas-based oil and gas firm Anadarko Petroleum has signed three offshore exploration and production deals with Peru’s state oil agency Perupetro, according to Reuters.
Anadarko plans to invest $5m in an initial two-year evaluation phase of the three deep-water blocks – Z-61, Z-62 and Z-63 – in the Pacific Ocean adjacent to the Lambayeque and La Libertad regions. The exploration phase of the deal is for seven years overall.
The deal was announced by the South American nation’s President Pedro Pablo Kuczynski, known as PPK, who oversaw the deal signings.
Peru is trying to improve its productivity after decades of under-investment saw its output drop to 40,000 bpd, around only a third of its height in the 1970s.