Chevron Exits Peru Offshore Blocks in Favor of Quicker Returns

Chevron has informed Perupetro of its intention to relinquish its stake in offshore blocks Z-61, Z-62, and Z-63 in the Trujillo Basin.

The decision was made in Houston and highlights the US major's focus on assets that offer quicker paths to production. Chevron reported record worldwide production of 3.7mn barrels of oil-equivalent per day in 2025, driven chiefly by its acquisition of Hess Corp and growth in the US Permian Basin.

The company has reportedly redirected capital toward jurisdictions offering faster returns, naming Kazakhstan and Venezuela specifically.