Spain-based oil firm Repsol-YPF is to invest up to $3bn in its Peru operations over the next five years.
The firm will allocate $1bn for its Pampilla refinery and the remaining amount will be invested in the exploration and development of blocks producing natural gas, reports Reuters.
Repsol-YPF president Antonio Brufau said the firm has already invested $3bn in Peru and plans to make further investments in the country.
Repsol-YPF is a partner of the consortium led by Argentine firm Pluspetrol, which operates natural gas fields in Camisea in south-east Peru.
The Peruvian Government is in talks with the consortium regarding new royalties paid on exported fuel.