As the global energy landscape evolves towards diversification, security and sustainability, Peru is stepping into 2026 with renewed momentum and a clear sense of direction. The country’s upstream sector—once perceived as quiet compared with its neighbours—is moving decisively, attracting international players and positioning itself as one of South America’s most promising frontiers for exploration and investment.
The foundations for this renewed dynamism are strong. Over the last two years, Peru has modernised its regulatory framework, promoted transparency in contracting, and reactivated exploration interest across both onshore and offshore basins. With its geologically diverse territory, strategic Pacific location and stable institutional environment, the country is entering the new year with purpose—and with opportunity written across its map.
The year 2025 marked a period of consolidation and confidence-building for Peru’s hydrocarbons industry.
Momentum has been visible across all fronts: new players entering the market, a robust open acreage portfolio and a sharp increase in the use of technical evaluation agreements (TEAs) as a flexible and effective entry mechanism.
To date, 18 TEAs have been signed—nine of them during 2025 alone—reflecting growing international interest and confidence in Peru’s geological potential and investment climate.
Under these agreements, companies can carry out geological and geophysical studies at their own cost and risk, enhancing the understanding of Peru’s sedimentary basins through non-intrusive methods. The outcome is a richer technical database, improved subsurface knowledge and the identification of new exploration opportunities.
Beyond their technical value, TEAs have become a strategic bridge between exploration and development. They grant the holder a right of first refusal to negotiate a licence contract over all or part of the evaluated area once the studies are completed. This gives companies a low-risk, high-opportunity pathway to establish an early presence in the country while maintaining flexibility and control over future commitments.
Rising confidence and new players
Confidence in Peru’s energy potential is also reflected in the arrival of major international operators. Recent milestones include Chevron and Westlawn joining the Anadarko-led consortium in the Trujillo Basin offshore, a move that marked one of the most significant entries into Peru’s upstream sector in over a decade. Their participation in blocks Z-61, Z-62, and Z-63 has brought new technology, experience and visibility to the country’s offshore frontier.
Similarly, TotalEnergies in 2024 signed three TEAs with PERUPETRO—the state-owned company responsible for promoting, negotiating and managing hydrocarbon contracts—to conduct geological and geophysical studies in the Talara and Tumbes basins—further underscoring the confidence of world-class operators in Peru’s resources and institutional framework.
Strategic vision: Looking beyond 2026
As the country prepares for the next phase of its energy strategy, PERUPETRO is taking a proactive global approach. In 2026, the company will participate in leading international forums such as NAPE (in Houston), IMAGE (also in Houston) and the 25th World Petroleum Congress (in Saudi Arabia), among others, to showcase Peru’s upstream opportunities to global investors and technical leaders.
These events will highlight Peru’s open acreage portfolio, its transparent contracting processes and its data-driven approach to basin evaluation. They will also serve as key platforms for direct engagement between PERUPETRO and potential partners looking to design exploration programmes, propose TEAs, or negotiate licence contracts tailored to their expertise and objectives.
Energy security and economic growth
Energy security is now a national priority—and exploration is the key. Peru’s gas production of around 1.3bcf/d comfortably meets domestic demand. However, projections indicate that, without new reserve additions, the country could face a supply deficit by 2037. This challenge is driving urgency and action: each new discovery will directly contribute to securing long-term energy independence, economic competitiveness and social development.
Hydrocarbons continue to play a vital role in Peru’s economy—not only as a source of energy but also as a foundation for industrial development, regional growth and public revenue. The strategy is clear: to expand exploration while ensuring environmental and social sustainability, integrating new technologies and best practices that meet global standards.
Why Peru stands out
For global investors seeking stable, transparent, and high-potential opportunities, Peru offers a compelling proposition:
- Untapped potential: Vast onshore and offshore areas remain underexplored compared with neighbouring countries.
- Flexible entry mechanisms: The TEA model allows companies to start early, reduce risk and build technical knowledge before committing to a licence.
- Predictable and transparent framework: PERUPETRO guarantees clear processes, defined timelines and adherence to international standards.
- Strategic Pacific location: Direct access to regional and global markets through the Pacific corridor.
- Growing domestic demand: New gas and oil discoveries have immediate value in Peru’s integrated energy system.
Entering 2026 with strength
As 2026 unfolds, Peru’s message to the global energy community is clear: the country is ready—ready for exploration, ready for partnership, and ready for growth. With renewed international presence, a robust open acreage portfolio, and an expanding base of TEAs, the stage is set for a new wave of discoveries that will shape Peru’s energy future for decades to come.
“This is a decisive moment,” said Pedro Chira, chairman of PERUPETRO. “Our goal is to attract partners who share our vision of developing Peru’s resources responsibly and sustainably. Exploration today means energy security tomorrow—and the time to act is now.”
For investors, that call represents both opportunity and timing. Peru’s doors are open, its framework is ready, and its basins—rich, diverse and data-backed—await the next explorers willing to take the lead.
PERUPETRO S.A. is the Peruvian state-owned company responsible for promoting, negotiating, and managing hydrocarbon contracts. Its mission is to ensure the sustainable use of the country’s resources, fostering investment, innovation, and shared prosperity.
To read Outlook 2026 in full, click here.
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