Cheiron subsidiary to receive 75% of Block 192 in Peru — The Rio Times

In Peru, Petroloreto, a subsidiary of Egypt’s Cheiron Holdings Egypt Limited, will receive a 75% stake in the license contract for oil Block 192 in the Loreto region and will become its operator. State-owned Petroperú will retain a 25% stake in the project.

As The Rio Times reports, Supreme Decree No. 023-2026-EM, published on October 23, 2026, approved the transfer of 75% of the license contract from Petroperú to Petroloreto. The following day, the state agency Perupetro announced the signing of amendments to the contract.

Investment and production restart

Petroperú also signed an investment contract and a joint operating agreement with Petroloreto and Perupetro. According to Petroperú, the documents set out the terms for investment and field management over the next 27 years.

Perupetro estimated the minimum investment needed to restore operations at the block at no less than $230 million. The funds are to be directed toward infrastructure restoration, well start-ups and new drilling. Perupetro President Esteban Bertrelli said Cheiron would provide the financing.

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Block has been idle since 2020

Block 192, which includes the former Block 1AB, is located in the Amazonian region of Loreto, in the districts of Andoas, Tigre and Trompeteros. Production there was halted in February 2020.

According to Bertrelli’s estimate, first oil could be produced about 18 months after the agreements are signed, or approximately in mid-2028. He estimated initial production at about 5,000 barrels per day. According to him, restoring operations requires building around 600 km of roads, as old access routes have become overgrown by the jungle and pumping equipment may have been damaged.

In 2023, Petroperú called Block 192 the country’s largest oil field and estimated its proven technically recoverable reserves at 127 million barrels.