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Brazilian state controlled energy giantPetrobras has announced plans to invest US$1bn in it’s Peruvian operations from 2010-2013.

According to a report from Peruvian news agency Andina report, Petrobras’ CEO José Sergio Gabrielli said investment will be focused on exploration & production activities in blocks which the Brazilian oil major already operates in Peru.

Petrobras’ five-year strategic plan foresees investments outside of Brazil totaling US$15.9bn, as we reported earlier this year; Petrobras- a shining light for oil services firms

In 2010 Petrobras (PBR) intends to invest in the region of $180mn in Peru, mainly on exploration on block 58 in the Cuzco region, as this area is regarded to enjoy a high potential for natural gas reserves.

Petrobras is also looking to invest in the drilling campaign in block X located in Talara. “We will do 100 development drillings on block X,” Petrobras Perú general manager Pedro Grijalba was quoted as saying.

The total natural gas potential for block 58 will be confirmed by 2012, Grijalba said, according to a separate Andina report.

“We need to drill new wells in the region and collect seismic data to finally confirm the reserves. We are very optimistic about it,” the executive was quoted as saying.

In November, Petrobras confirmed a natural gas discovery at well Urubamba-1X. The discovery could add significantly to Peru’s natural gas reserves. It is thought that Peru currently has up to 15 trillion cubic feet of gas reserves in it’s southern Blocks, up to 3 trillion cubic feet in Block 56, more than 9 trillion cubic feet in Block 88 and 2 trillion cubic feet in Block 57.

Even though Petrobras has not released reserve estimates, Peru’s President Alan García said the discovery could hold more than 1trillion cubic feet of natural gas. Petrobras is a 100% shareholder in the Urubamba concession.