Peru seeks Saudi and Chevron investments to boost mining and energy revival

Peru is courting Saudi Arabia and Chevron for major mining and energy investments, aiming to revitalize its copper, lithium, and offshore oil sectors and reduce energy imports.

Peru is courting major investments from Saudi Arabia and U.S. oil giant Chevron in a bid to reinvigorate its mining and energy sectors, Energy and Mines Minister Jorge Luis Montero revealed this week.

The world’s third-largest copper producer aims to reverse a slowdown in project development caused by years of political instability and social unrest. Montero told Reuters that Peru expects to sign a memorandum of understanding with Saudi Arabia in November to develop lithium and other strategic mineral projects.

“Saudi Arabia is looking for a reliable strategic partner in Peru,” the minister said, noting that the partnership could extend to mining, energy, and even seawater desalination plants for the mining industry.

Expanding ties with Gulf nations

Montero confirmed he will travel to Saudi Arabia next month with Peru’s foreign minister to finalize broader economic cooperation agreements with Gulf countries. These talks are part of a regional strategy to attract capital into Peru’s extractive industries, which are central to the country’s economic recovery plan.

Chevron to launch offshore drilling campaign

Parallel to these efforts, Montero said Peru is overhauling its energy sector, highlighting Chevron’s upcoming offshore oil campaign. The U.S. company is set to begin drilling operations early next year in three offshore blocks, with production potential estimated between 250,000 and 300,000 barrels per day, depending on reserve confirmation.

If successful, the output could enable Peru to eliminate oil imports within three years, saving the nation an estimated $5 billion annually.

Strengthening regional energy integration

Peru is also moving to finalize a commercial and infrastructure agreement with Ecuador, scheduled for signing on October 24. The deal will connect southern Ecuadorian oil fields to Peru’s Norperuano pipeline, allowing crude to flow to Petroperu’s modernized Talara refinery.

According to Montero, this arrangement could be transformative for Petroperu, the financially troubled state oil company, ensuring a continuous crude supply and keeping the Talara refinery operating “24 hours a day.”

Strategic vision for a diversified energy future

Peru’s push to engage both Middle Eastern investors and U.S. energy majors underscores its strategy to diversify sources of capital, strengthen energy sovereignty, and enhance industrial capacity. The initiatives align with the country’s broader objective of positioning itself as a reliable global supplier of copper, lithium, and clean energy during the accelerating global transition.