Anadarko Petroleum Corp. (NYSE: APC) will invest some $200 million to develop an offshore oil area near Peru's northern coast, Peruvian President Pedro Pablo Kuczynski said Oct. 9.
Kuczynski and executives with The Woodlands, Texas-based company signed three exploration and drilling agreements with state oil agency Perupetro SA in blocks Z-61, Z-62 and Z-63 in the Pacific Ocean adjacent to the Lambayeque and La Libertad regions.
"It's important that Anadarko has chosen to come to Peru, to an area as vigorous as the northern region," Kuczynski said. "These are deep waters of 1,000 m (3,280 ft) where it is very difficult to work," he said in a speech after signing the contracts.
Peru is trying to increase oil output, which has fallen to about 40,000 barrels of crude a day, about a third of what it produced in the 1970s, as investment lagged.
In May, the government said state-run China National Petroleum Corp. (CNPC) would invest some $2 billion in an oil and natural gas block in a jungle region in southern Peru.
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