Chevron and Peru's Oil Renaissance: From Historic Nostalgia to Strategic Opportunity
- Jorge Miroslav Jara Salas
- Jan 19
- 3 min read
Energy history is often cyclical, and Peru serves as the perfect example of this paradox. Academia and the industry frequently point to Edwin Drake’s well in Pennsylvania (1859) as "ground zero" for the modern oil era. However, in Peru, it is often forgotten that its legacy is almost as ancient and pioneering: just four years later, in 1863, the first commercial well in South America—and the second in the world—was drilled in Zorritos.
The country was the vanguard, but that success story has slowly diluted over time. Those of us with decades in this sector clearly remember when Peruvian production hovered around 200,000 barrels per day (bpd) in the 80s. Today, reality hits hard: the country barely produces 40,000 bpd. This decline is not just a statistic; it is an economic wound that forces the nation to import over 70% of its energy demand, placing it in an unacceptably vulnerable position for a nation with such geological endowment.
The "Chevron Factor" and the Northern Blocks
As a professional with 30 years in the global energy trenches, I have seen many promises come and go, but the arrival of a "Major" like Chevron to the northern offshore blocks (Z-61, Z-62, and Z-63) represents a genuine turning point. This is not minor exploration; these are areas that, according to seismic and geological studies, could hold prospective resources of between 3 and 4 billion barrels of oil and gas.
To put this in perspective: if these projections are confirmed through an aggressive technical upstream exploration campaign, Peru would not only stop importing fuel. It could regain energy self-sufficiency within a decade and return to being a net exporter in the region.
The Real Obstacle: Bureaucracy, Not Geology
It is vital to understand that the handbrake on the local industry has not been a lack of subsurface resources, but an anachronistic regulatory framework. The current Organic Law of Hydrocarbons dates back to 1993. Back then, a barrel of crude cost 10 dollars, and the world was a different place.
Expecting to compete in the global market of 2026 with rules from 1993 is impossible. That outdated legislation, combined with stifling permitting bottlenecks that have delayed projects for up to five years, is what drove major investment away over the last decade. Capital is naturally risk-averse: it flees from uncertainty and inefficiency.
A Unique Geopolitical Window
However, the tide is turning, and the current must be seized. From a geopolitical perspective, the United States and Western powers are reconfiguring their energy security maps, turning their gaze back to the Western Hemisphere (nearshoring). They are seeking reliable, close, and stable suppliers.
Having led operations in complex environments like Nigeria, I can categorically state that operational risk in Peru is significantly lower. The country offers comparative stability and, above all, top-tier local technical talent that few countries possess.
Chevron brings not only capital but also deepwater technology and what I like to call the "Guyana Effect." Just as it happened in the north of the continent, where a massive discovery transformed Guyana’s GDP in record time, Peru faces the possibility of a single successful operation changing the nation's economic destiny. The table is set; all that is missing is the political will to modernize the rules and let engineering do its job.
Por: Jorge Miroslav Jara Salas Experto Global en Energía | Presidente de Magnaccord Group SL.
Find more on my article at La Republica, Perú
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