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Chevron & Anadarko Join Forces to Explore Peru's Offshore Basin
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Key Takeaways
Chevron, Anadarko and Westlawn will explore Peru's Trujillo basin with $1B investments.
The consortium completed Peru's largest 3D seismic survey, with results due in early 2026.
Success could yield up to 150,000 barrels daily, boosting Peru's economy and energy security.
Chevron Corporation (CVX - Free Report) , Anadarko and investment fund Westlawn have reportedly formed a consortium to explore Peru’s offshore Trujillo basin, marking one of the boldest moves in the nation’s upstream sector in recent years. With amended license agreements signed for three blocks in Peru’s northern La Libertad region, the partnership is set to test the country’s untapped hydrocarbon potential.
Anadarko will continue as the operator, holding a 35% stake, with Chevron also securing 35% and Westlawn taking the remaining 30%.
Potential of the Trujillo Basin
The consortium will focus on Blocks Z-61, Z-62 and Z-63, spanning over 6,000 square kilometers, some 50 nautical miles off Peru’s northern coast. Depths in the basin range from 100 to 2,400 meters, underscoring the technical challenge.
Between May and July 2024, the consortium carried out Peru’s largest 3D marine seismic survey to date. The findings are expected in early 2026, after which the partners will decide on moving forward with exploratory drilling. If successful, the project could deliver 100,000-150,000 barrels per day in production, supported by investments exceeding $1 billion.
Political & Economic Significance of the JV
Peru’s president welcomed the entry of Chevron, calling it a signal of Peru’s reliability as an investment destination. For the government, success in the Trujillo basin represents more than oil — it is about economic stability, reduced reliance on imports and positioning the country as a regional energy hub.
The state regulator, Perupetro, noted that the deal highlights rising international confidence in Peru’s hydrocarbon prospects while boosting the nation’s energy security. The signing ceremony, attended by the president and energy minister of Peru, underscored the project’s political weight. Considered one of Latin America’s least explored frontier regions, Peru’s offshore Trujillo basin holds the potential to draw additional investment from leading global oil companies if commercial reserves are confirmed.
Balancing Opportunity With Risk
The joint venture (JV) reflects both promise and uncertainty. With $1 billion in potential investments at stake, the success of seismic studies and eventual drilling will be closely watched. For Peru, it is a calculated gamble — balancing investor confidence, regulatory reforms and domestic priorities to ignite what could be a true energy renaissance.
CVX’s Zacks Rank & Key Picks
Houston, TX-based Chevron is one of the largest publicly traded oil and gas companiesthat participates in every aspect related to energy — from oil production to refining and marketing. Currently, CVX has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like California Resources Corporation (CRC - Free Report) , Delek Logistics Partners, LP (DKL - Free Report) and Oceaneering International, Inc. (OII - Free Report) . While California Resources sports a Zacks Rank #1 (Strong Buy) at present, Delek Logistics and Oceaneering carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
California Resources is an oil and natural gas exploration and production company, operating primarily in California. The Zacks Consensus Estimate for CRC’s 2025 earnings indicates 11.8% year-over-year growth.
Delek Logistics owns, operates, acquires and constructs crude oil and refined products logistics and marketing assets. The Zacks Consensus Estimate for DKL’s 2025 earnings indicates 31.4% year-over-year growth.
Oceaneering International is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. The Zacks Consensus Estimate for OII’s 2025 earnings indicates 57.9% year-over-year growth.
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Chevron & Anadarko Join Forces to Explore Peru's Offshore Basin
Key Takeaways
Chevron Corporation (CVX - Free Report) , Anadarko and investment fund Westlawn have reportedly formed a consortium to explore Peru’s offshore Trujillo basin, marking one of the boldest moves in the nation’s upstream sector in recent years. With amended license agreements signed for three blocks in Peru’s northern La Libertad region, the partnership is set to test the country’s untapped hydrocarbon potential.
Anadarko will continue as the operator, holding a 35% stake, with Chevron also securing 35% and Westlawn taking the remaining 30%.
Potential of the Trujillo Basin
The consortium will focus on Blocks Z-61, Z-62 and Z-63, spanning over 6,000 square kilometers, some 50 nautical miles off Peru’s northern coast. Depths in the basin range from 100 to 2,400 meters, underscoring the technical challenge.
Between May and July 2024, the consortium carried out Peru’s largest 3D marine seismic survey to date. The findings are expected in early 2026, after which the partners will decide on moving forward with exploratory drilling. If successful, the project could deliver 100,000-150,000 barrels per day in production, supported by investments exceeding $1 billion.
Political & Economic Significance of the JV
Peru’s president welcomed the entry of Chevron, calling it a signal of Peru’s reliability as an investment destination. For the government, success in the Trujillo basin represents more than oil — it is about economic stability, reduced reliance on imports and positioning the country as a regional energy hub.
The state regulator, Perupetro, noted that the deal highlights rising international confidence in Peru’s hydrocarbon prospects while boosting the nation’s energy security. The signing ceremony, attended by the president and energy minister of Peru, underscored the project’s political weight. Considered one of Latin America’s least explored frontier regions, Peru’s offshore Trujillo basin holds the potential to draw additional investment from leading global oil companies if commercial reserves are confirmed.
Balancing Opportunity With Risk
The joint venture (JV) reflects both promise and uncertainty. With $1 billion in potential investments at stake, the success of seismic studies and eventual drilling will be closely watched. For Peru, it is a calculated gamble — balancing investor confidence, regulatory reforms and domestic priorities to ignite what could be a true energy renaissance.
CVX’s Zacks Rank & Key Picks
Houston, TX-based Chevron is one of the largest publicly traded oil and gas companiesthat participates in every aspect related to energy — from oil production to refining and marketing. Currently, CVX has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like California Resources Corporation (CRC - Free Report) , Delek Logistics Partners, LP (DKL - Free Report) and Oceaneering International, Inc. (OII - Free Report) . While California Resources sports a Zacks Rank #1 (Strong Buy) at present, Delek Logistics and Oceaneering carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
California Resources is an oil and natural gas exploration and production company, operating primarily in California. The Zacks Consensus Estimate for CRC’s 2025 earnings indicates 11.8% year-over-year growth.
Delek Logistics owns, operates, acquires and constructs crude oil and refined products logistics and marketing assets. The Zacks Consensus Estimate for DKL’s 2025 earnings indicates 31.4% year-over-year growth.
Oceaneering International is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. The Zacks Consensus Estimate for OII’s 2025 earnings indicates 57.9% year-over-year growth.