Canada's Frontera Energy Corp. plans to invest $2.5 billion in oil and gas E&P in Peru, the company said in a statement on June 15.
Separately, Frontera said it had reached an agreement with natives of Peru's Amazon region over the development of an oil field involved in a dispute over land-use.
The company, known as Pacific Exploration & Production before a name change earlier this week, agreed to a payment for the use of the land, and also financing a number of community projects. As a result, about 600 Amazon natives left the non-producing oil field they had occupied since April due to the land-use dispute.
The oil field, known as Lot 192, is the largest in the country and once produced 10,000 barrels per day of crude. But production is currently suspended because the aging pipeline serving the area was shut down early last year after suffering various spills.
Last month, Frontera and Peru's state-run oil company Petroperu said they were considering a partnership to develop the field. Frontera won a two-year concession to operate the 500,000-hectare (1,931 sq mile) lot in 2015, and the rights will be transferred to Petroperu when it expires next year.
Frontera said it has had a presence in Peru since 2001.