Companies already active in Mexico are among the bidders that have qualified to take part in the July 12 auction.
The local subsidiary of Canadian company International Frontier Resources (IFR) has been given the go-ahead to begin work on its onshore Tecolutla block.
Peru's President Pedro Pablo Kuczynski is battling political rivals in addition to bad weather and corruption scandals that are blocking plans to accelerate infrastructure projects and create jobs.
The legislation mandates a six-member, independent board for Chile's state oil company, as well as a US$400mn capital injection from the government.
The investments include an investment of US$300mn by Repsol for block 57, a new gas compression plant, and new pipelines and reactivation of the Sagari 4X well.
The nation recorded near record low reliance on oil revenue in the first four months of 2017.
In a presentation to investors in Moscow on Tuesday, ANP director general Décio Oddone said nine E&P licensing rounds in the next two and a half years will lead to direct investments of US$83bn, with a further US$125bn expected to be pumped into associated projects.