CNPC buys oil assets in Peru

In April 2011, China National Petroleum Corp's first production well in Chad came on stream. Just four months later, a new refinery became operational near N'Djamena. By the end of 2011, CNPC had 22 projects in seven African countries, including Sudan, South Sudan, Niger and Chad. [File photo / Provided to China Daily]

BEIJING -- China National Petroleum Corporation will pay $2.6 billion for oil and gas assets in Peru, according to a press release from its listed unit PetroChina on Wednesday.

CNPC, the country's largest oil and gas producer and supplier, will buy the entire shares of Petrobras Energia Peru S.A., which owns three oil and gas blocks in Peru, said the press release.

The three blocks have an output of around 800,000 tons of oil equivalent a year, according to PetroChina.

PetroChina said Peru is one of the countries in Latin America that has a good investment environment. It expects good economic returns from the acquisition.

The project will help grow CNPC's oil and gas portfolio in Latin America and promote the sustainable development of its overseas business, PetroChina said.