Petrobras CEO Jose Gabrielli led the delegation along with international affairs director Nestro Cervero.
Gabrielli met with Peru's President Alan Garcia, agreeing to sign a memorandum of understanding with state oil company Petroperu to develop joint projects in the Andean country, Petrobras said.
The projects would include joint ventures in E&P, natural gas, biofuels, refining and petrochemicals, and would be designed over the next three months.
The prospective projects are not included in Petrobras' recently-announced US$87.1bn budget for between January 2007 and December 2011.
Petrobras has production activities in block X in northwest Peru's Talara area as well as six exploration concessions totaling 57,500 sq km. The company's production in Peru is 15,000 barrels a day oil and gas, according to the statement.
Petrobras has been operating in Peru since the 1990s.
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