The Chinese firm bought all the shares of Petrobras Energia Peru S.A., which has three oil and gas fields in Peru.
These fields currently produce about 800,000 tonnes (1.1023 ton) oil equivalent a year, PetroChina said in a statement on Wednesday.
“The three target blocks are all quality oil properties in Peru with achievable profit potential,” PetroChina added.
“The acquisition of the assets will help to expand the scale of PetroChina’s oil and gas cooperation in Latin America, and drive the sustainable development of PetroChina’s overseas business,” it said.
(Reporting by Chen Aizhu and Judy Hua)