Soon after the launching of the Camisea Gas Project, in 2000, Peru became a medium-range Latin American gas exporting country. Our central argument is that energy governance in this country has been shifting from a "hierarchical" to a "co-governance" mode. Accordingly, interactions among the State, the society and economic actors are now regulated in a horizontal and decentralized way, rather than a vertical and centralized one. This shift contributed to the success of the Camisea gas project and had a positive effect on foreign direct investments inflow in the energy sector (1). In addition, it has helped Peru reach energetic self-sufficiency, while improving its energy balance (2). Meanwhile, energy policy has welcomed a major participation of social actors, contributing to institutionalized arrangements between the State, the companies and indigenous communities and their NGO partners (3). Two theoretical conclusions can be drawn from this study. First, the State's role remains central in energy governance, thus invalidating the "hollowing of the State" thesis. Second, the co-governance mode helps to overcome the "resource curse" thesis. (C) 2010 Published by Elsevier Ltd.