The companies made the find in 1-AB, Peru"s biggest oilfield, Valdivia told reporters after meeting with company Vice Chairman Jiang Jiemin in Lima. Valdivia declined to give an estimate of the size of the find.

``CNPC has guaranteed us that if reserves are commercially viable, crude production could start up in 2015,"" Valdivia said. ``This comes after the confirmation last year of a 250 million barrel find by Barrett Resources in Block 67.""

China and Peru signed a memorandum of understanding to increase Chinese investment in Peru"s oil and gas industry, the Andean country"s second-biggest currency earner with $1.8 billion in exports last year. Peru"s President Alan Garcia aims to line up $5 billion in energy investment commitments and drive 7 percent annual economic growth over the next five years.

PIN/BLOOMBERG