Chevron & Anadarko Join Forces to Explore Peru's Offshore Basin

Chevron Corporation CVX, Anadarko and investment fund Westlawn have reportedly formed a consortium to explore Peru’s offshore Trujillo basin, marking one of the boldest moves in the nation’s upstream sector in recent years. With amended license agreements signed for three blocks in Peru’s northern La Libertad region, the partnership is set to test the country’s untapped hydrocarbon potential.Anadarko will continue as the operator, holding a 35% stake, with Chevron also securing 35% and Westlawn taking the remaining 30%.Potential of the Trujillo BasinThe consortium will focus on Blocks Z-61, Z-62 and Z-63, spanning over 6,000 square kilometers, some 50 nautical miles off Peru’s northern coast. Depths in the basin range from 100 to 2,400 meters, underscoring the technical challenge.Between May and July 2024, the consortium carried out Peru’s largest 3D marine seismic survey to date. The findings are expected in early 2026, after which the partners will decide on moving forward with exploratory drilling. If successful, the project could deliver 100,000-150,000 barrels per day in production, supported by investments exceeding $1 billion.Political & Economic Significance of the JVPeru’s president welcomed the entry of Chevron, calling it a signal of Peru’s reliability as an investment destination. For the government, success in the Trujillo basin represents more than oil — it is about economic stability, reduced reliance on imports and positioning the country as a regional energy hub.The state regulator, Perupetro, noted that the deal highlights rising international confidence in Peru’s hydrocarbon prospects while boosting the nation’s energy security. The signing ceremony, attended by the president and energy minister of Peru, underscored the project’s political weight. Considered one of Latin America’s least explored frontier regions, Peru’s offshore Trujillo basin holds the potential to draw additional investment from leading global oil companies if commercial reserves are confirmed.Balancing Opportunity With RiskThe joint venture (JV) reflects both promise and uncertainty. With $1 billion in potential investments at stake, the success of seismic studies and eventual drilling will be closely watched. For Peru, it is a calculated gamble — balancing investor confidence, regulatory reforms and domestic priorities to ignite what could be a true energy renaissance.CVX’s Zacks Rank & Key PicksHouston, TX-based Chevron is one of the largest publicly traded oil and gas companiesthat participates in every aspect related to energy — from oil production to refining and marketing. Currently, CVX has a Zacks Rank #3 (Hold).Investors interested in the energy sector might look at some better-ranked stocks like California Resources Corporation CRC, Delek Logistics Partners, LP DKL and Oceaneering International, Inc. OII. While California Resources sports a Zacks Rank #1 (Strong Buy) at present, Delek Logistics and Oceaneering carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.California Resources is an oil and natural gas exploration and production company, operating primarily in California. The Zacks Consensus Estimate for CRC’s 2025 earnings indicates 11.8% year-over-year growth.Delek Logistics owns, operates, acquires and constructs crude oil and refined products logistics and marketing assets. The Zacks Consensus Estimate for DKL’s 2025 earnings indicates 31.4% year-over-year growth.Oceaneering International is one of the leading suppliers of offshore equipment and technology solutions to the energy industry. The Zacks Consensus Estimate for OII’s 2025 earnings indicates 57.9% year-over-year growth.Free Report: 3 Software Stocks Poised to SkyrocketSoftware stocks are poised to catapult higher in the coming months (and years) thanks to several factors, especially the explosive growth of AI. Zacks' urgent report reveals 3 top software stocks to own right now.Access the report free today >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX): Free Stock Analysis Report Oceaneering International, Inc. (OII): Free Stock Analysis Report Delek Logistics Partners, L.P. (DKL): Free Stock Analysis Report California Resources Corporation (CRC): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks