Canada-based Frontera Energy Corp., formerly Pacific Exploration & Production, has plans to invest $2.5 billion in Peru, according to Reuters.
The oilfield, known as Lot 192, is the largest in the country and once produced 10,000 barrels of crude per day. But production is currently suspended because the aging pipeline serving the area was shut down early last year after suffering various spills.
Earlier this week Pacific Exploration & Production Corp. changed its corporate name to Frontera Energy Corp.