CNPC expects to invest at least $2 billion in Peru over the next 10 years, after having recently bought Petrobras’ assets in the country, a top CNPC executive said on Tuesday.
“We are looking for more opportunities in Peru, to acquire companies or to participate in the bidding of oil fields,” said Gong Bencai, head of CNPC’s Latin America division.
Peru has already approved $1 billion of exploratory work in a natural gas block CNPC purchased from Petrobras.
The company is also looking at additional investment in the form of a $4 billion gas pipeline project in southern Peru.
“We are very interested in the southern pipeline,” Gong said.
The pipeline would move natural gas from the Andean Camisea deposit to plants on Peru’s Pacific coast.