As 2025 comes to a close, Peru stands ready to open a new chapter in its energy story. Building on a legacy of stability and natural gas leadership, the country is now unlocking vast opportunities for exploration—both onshore and offshore—and inviting the global industry to be part of its next phase of growth.
With world-class companies such as Chevron, Westlawn and TotalEnergies already interested in Peru’s basins, confidence in the country’s hydrocarbon potential has never been stronger. The message from PERUPETRO, the state company that promotes and manages hydrocarbon contracts, is clear: Peru is open for business—and the time to enter is now.
Momentum for 2026: Expanding global presence
As the year draws to an end, PERUPETRO is actively planning its 2026 global promotion campaign, which will include participation in major world-class events such as NAPE, IMAGE and the 25th World Petroleum Congress (WPC Energy Congress). These platforms will allow investors to explore Peru’s open acreage portfolio, understand new contractual opportunities and engage directly with the PERUPETRO team.
For companies looking to secure a strategic position in one of South America’s most promising frontiers, these encounters represent the perfect starting point.
Open acreage: Your gateway to opportunity
Peru offers a wide range of open areas—both offshore and onshore—that can be directly proposed by interested companies. Through direct negotiation, investors can submit proposals to PERUPETRO for either a License Contract or a Technical Evaluation Agreement (TEA).
This flexibility allows each company to tailor its entry strategy based on its risk appetite, technical capabilities and exploration goals.
Technical evaluation agreements: A smart way to enter Peru
One of the most attractive pathways for newcomers is the Technical Evaluation Agreement (TEA).
A TEA is a non-exclusive, short-term agreement (typically two years, extendable by one) between PERUPETRO and an interested company. Under this agreement, the company—at its own cost and risk—carries out geological and geophysical studies to better understand the hydrocarbon potential of a selected area.
These activities are non-intrusive and focus on enhancing subsurface knowledge, identifying new prospective zones, and generating high-quality technical data that becomes part of PERUPETRO’s Data Bank.
But perhaps the greatest advantage of a TEA is the Right of First Refusal: once the studies are complete and obligations fulfilled, the TEA holder has the priority to negotiate a License Contract over all or part of the evaluated area. This provides a low-risk, high-reward path to establish an early presence in the country.
Interest in this mechanism has been steadily growing. To date, 18 TEAs have been signed—nine of them in 2025 alone—reflecting the confidence of international companies in Peru’s stable framework and geological potential. The trend underscores how TEAs have become a preferred entry strategy for investors seeking to position themselves ahead of future licensing rounds.
Why Invest in Peru’s upstream?
- Vast untapped potential: Peru’s sedimentary basins—onshore and offshore—remain among the least explored in Latin America, offering frontier opportunities with significant upside.
- Transparent and predictable framework: PERUPETRO ensures open processes, clear timelines and international standards in all negotiations.
- Strategic Pacific location: Peru offers direct access to key markets in the Americas and Asia-Pacific.
- Strong domestic demand: Gas and oil production are essential to Peru’s industry, power generation and transport—creating immediate markets for new discoveries.
- Renewed global confidence: Recent entries by major international operators reflect Peru’s growing importance in the regional exploration map.
A call to global investors
Peru’s upstream sector is in motion. The combination of open acreage, active international promotion and the growing popularity of Technical Evaluation Agreements positions the country as a premier destination for exploration investment in 2026 and beyond.
Companies interested in exploring or proposing a TEA can reach out directly to PERUPETRO through its official channels or explore the Geoportal, an interactive online platform to visualise and analyse available areas.
The opportunity is now. Join us in unlocking Peru’s next energy frontier—one that combines geological promise, transparent governance and long-term potential for shared success.
About PERUPETRO
PERUPETRO S.A. is the state-owned company responsible for promoting, negotiating and managing hydrocarbon contracts in Peru, ensuring the sustainable use of resources for the benefit of the country.
CONTACT US:
Jorge Espinoza Okamoto, Promotion and Contracting Manager: jespinoza@perupetro.com.pe
Vilma Ruiz, Promotion Executive: vruiz@perupetro.com.pe
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