OREANDA-NEWS. November 01, 2011. Chinese oil companies are interested in participating in future exploration and development of fossil fuels in Peru,  due to the country’s geological potential, according to a report from state-owned Perupetro.

China National Petroleum (CNPC), China's Coastal Oil (CNOOC) and China Petrochemical (Sinopec) are the three of the companies that have expressed interest in developing natural gas, oil and petrochemical projects in Peru.

"There is great interest from Asian companies to enter Peru. In the coming months several delegations will arrive in order to learn about investment opportunities in the coastal and jungle regions of the country," said the report.

As part of its role in promoting investments, Perupetro presented Peru’s fossil fuel potential to Asian investors at the 2011 China Oil & Gas Conference, last week in the city of Dongying.

According to Andina, the event brought together more than 500 companies, from several different countries.

Perupetro is preparing a new selection process for investments, during the first half of 2012, after implementation of the prior consultation act, a new law that requires approval from indigenous people whose land might be affected by the development of fossil fuel projects.