I mistakenly placed this question on about page 17 of a related thread and so it was largely overlooked, but I would like to know specifically the Catholic answer to this.
Simon Peter answered, “You are the Messiah, the Son of the living God.” Jesus replied, “Blessed are you, Simon son of Jonah, for this was not revealed to you by flesh and blood, but by my Father in heaven. And I tell you that you are Peter, and on this rock I will build my church, and the gates of Hades will not overcome it. I will give you the keys of the kingdom of heaven; whatever you bind on earth will be bound in heaven, and whatever you loose on earth will be loosed in heaven.”
To me the exchange between Jesus Christ and Peter is very similar in style to a covenant. Would it be wrong to describe this passage in Matthew 16 as the Petrine Covenant?