China National Petroleum Corporation (CNPC) expects to invest at least US$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 for oil fields,” Gong Bencai, head of CNPC’s Latin America division, said in an interview at the energy giant’s Lima offices.
Peru has already approved an environmental permit allowing CNPC to conduct US$1 billion of exploratory work in a natural gas block purchased from Petrobras, the Brazilian state-run oil company. More investment is likely on the way, Gong said.
In particular, he said, China’s top oil producer is eyeing a US$4 billion gas pipeline project in southern Peru.
“We are very interested in the southern pipeline,” Gong said.
The pipeline would transport natural gas from the Andean Camisea deposit to thermoelectric plants on Peru’s Pacific coast.