Key Facts
—Contracts. Perupetro, the state agency that licenses oil and gas blocks, says it could sign five or six licence contracts before the end of 2026.
—Output. Peru produced 39,440 barrels of oil a day in September, which is 6.9% less than a year earlier.
—Deadline. A decree that would let Egypt’s Cheiron into Block 192 in the Amazon must come before 24 October, or the process returns to Perupetro.
—Offshore. Australia’s Condor Energy was cleared on 14 October to negotiate a licence for block Z-72, but no licence has been awarded.
—Still unknown. Whether the second Block 192 decree arrives in time, and whether the licence talks end in signed contracts.
—Power Index Peru ranks 5th of 14 in The Rio Times Latin America Power Index, with 54.7 points (October 2026 edition).
Peru’s government is trying to reverse falling oil output by opening new offshore blocks and reviving a shut Amazon field. Perupetro says it could sign five or six licence contracts before the end of 2026, according to El Comercio.
Peru produced 39,440 barrels a day in September, 6.9% below the same month of 2025, according to Perupetro figures reported by La República. For US investors, the push tests whether a mid-sized Andean producer can attract new foreign capital.
Contracts and Bidders in Play
Perupetro expects to sign two exploration contracts with France’s TotalEnergies for offshore blocks Z-70 and Z-71 before the year ends. It also says TotalEnergies, QatarEnergy and Petrobras are weighing entry, but those interests are not final.
On 14 October Perupetro cleared Australia’s Condor Energy to open direct talks on a licence for block Z-72 in the Tumbes basin, according to the company’s stock exchange filing. That approval only shows Condor is qualified, and a licence still needs agreed terms, government sign-off and community consultation.
In late September the government also approved a 30-year licence contract for Block 206 in Piura with a Colombian-backed firm, Compañía de Especialistas Técnicos Petroleros, and authorised Perupetro to sign it. Construnoticias reported that the company was the only bidder.
Block 192 and the 24 October Deadline
Block 192 lies in Loreto, in the Peruvian Amazon, and Petroperú, the state oil company, is trying to bring it back with a private partner. Supreme Decree 021-2026-EM, published in El Peruano on 17 October, moved the 61% stake of Altamesa Energy Perú to Petroperú, which now holds 100% of the licence contract.
El Comercio reports that a second decree must follow before 24 October, giving Egypt’s Cheiron a 75% share. If it is not issued in time, the process returns to Perupetro, and we found no sign yet that the second decree has been published.
Perupetro estimates that Block 192 could restart around mid-2028 at about 5,000 barrels a day, El Comercio reported. That would be a small addition to a country that produces just under 40,000 barrels a day.
How Much Drilling Peru Expects
Perupetro projects 2,657 wells between 2026 and 2036, of which 2,621 are development wells and 36 are exploration wells, according to Energiminas. The northwest basins of Talara, Tumbes and Sechura would account for 2,592 of them.
The agency says US$5.294 billion was invested from 2015 to August 2026, and it projects US$741 million for 2026 as a whole. In September the largest producers were Block 95 in Loreto at 11,612 barrels a day and Block X in Piura at 9,084 barrels a day.
Anadarko finished a 6,018 square kilometre 3D seismic survey, the largest on the Pacific coast, in the Trujillo basin off northern Peru. It plans its first exploration well for the second quarter of 2027, subject to environmental approval, Energiminas reported.
Politics Could Slow the Push
El Comercio notes that the lower chamber of Congress approved a delegation of legislative powers on 6 October. It covers public security and the El Niño weather phenomenon, and it does not include steps to promote private investment in oil and gas.
The delegation now goes to the Senate, as our report on the Senate panel’s work on executive powers explains. Our Peru section tracks the policy debate.
What It Means for You
Peru’s oil is small next to the output of the United States, so the story matters more for investors than for fuel prices. A successful licensing round would give US-listed explorers and large producers a new frontier, while another weak quarter would keep the country on the sidelines.
Anyone who follows Latin American energy should watch 24 October first. The Block 192 decree shows whether Lima can finish what it starts.
What Is Not Known
It is not known whether the second Block 192 decree will be published before 24 October, or at what time in Peru. The reports do not say what happens to the Cheiron share if the date passes.
No licence for block Z-72 has been awarded, and the TotalEnergies contracts are expected rather than signed. Reports differ on how fast investment is falling, so we do not give a first-half spending figure.
Sources
El Comercio · El Peruano, Block 192 decree · Gestión · Energiminas · La República · Construnoticias · Condor Energy, ASX announcement
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
Frequently Asked Questions
How much oil does Peru produce?
Peru produced 39,440 barrels a day in September 2026, according to Perupetro figures reported by La República. That is 6.9% less than a year earlier.
What is Block 192?
Block 192 is an oil block in Loreto, in the Peruvian Amazon. Petroperú now holds 100% of its licence contract after a decree published on 17 October 2026.
What happens on 24 October?
El Comercio reports that a second decree for Cheiron’s 75% share must be issued by then. If it is not, the contract process returns to Perupetro.
Has Condor Energy won a licence in Peru?
No. Perupetro only approved Condor’s qualification on 14 October 2026, which lets it negotiate a licence for block Z-72 in the Tumbes basin.
How many oil contracts could Peru sign this year?
Perupetro says it could sign five or six licence contracts before the end of 2026. Two of them are expected to be exploration contracts with TotalEnergies for blocks Z-70 and Z-71.