Aug, 20 (oilprice.com) Anadarko Peru, a subsidiary of Occidental Petroleum (NYSE:OXY) is moving ahead with plans to drill its first exploration well offshore northern Peru in 2027, advancing a project that could help unlock a major new source of domestic oil and gas.
The company, operator of offshore Blocks Z-61, Z-62 and Z-63 in the Trujillo Basin, has informed state hydrocarbons agency Perupetro that it will enter the third exploration period, which includes drilling the first well in Block Z-62.
The decision follows a major 3D marine seismic campaign covering 6,018 square kilometers in 2024—the largest such survey undertaken along Peru’s Pacific coast. Around $40 million was invested in the seismic work, which identified geological structures considered prospective for hydrocarbons.
The stakes could be significant for a country that remains dependent on imported hydrocarbons. Peru’s Ministry of Energy and Mines has previously estimated that the offshore blocks could potentially support production of around 150,000 to 200,000 barrels per day, although that potential remains unproven and will depend on successful exploration drilling.
Occidental Petroleum has also brought two major partners into the project. Peru approved amendments to the licenses last year allowing Chevron to acquire a 35% interest and Westlawn to take 30%, leaving Anadarko as operator with the remaining interest.
Investment associated with exploration of Block Z-62 has been estimated at close to $100 million.
Perupetro said the Trujillo Basin holds significant undiscovered potential and that a successful drilling campaign could ultimately help transform Peru’s hydrocarbons trade deficit.
For now, however, everything hinges on the first well. Seismic data can identify promising structures beneath the seabed, but drilling scheduled for 2027 will provide the first major test of whether Peru’s northern offshore acreage contains commercially viable hydrocarbons.
Brazil Energy Insight 
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