BPZ Energy is an independent oil and gas exploration and production company with license contracts covering approximately 1.9 million net acres in four properties in northwest Peru.
Offshore Block Z-1 is producing oil from the Corvina field at the CX-11 and CX-15 platforms as well as the Albacora field platform. Development drilling campaigns resumed in late 2013 at the CX-15 (shown left) and at Albacora to develop each field's proved undeveloped oil reserves. A 1,600 square kilometer 3D seismic survey, which was initiated in 2012 and completed in early 2013, is better defining the exploration and development projects at the block. Operations at Block Z-1 are being conducted through a joint venture partnership with Pacific Rubiales Energy Corp.
Onshore, BPZ Energy holds a 100% interest in three blocks, where the focus has been on seismic data acquisition at Blocks XIX, XXII and XXIII to lay the groundwork for exploration drilling. In 2014 an exploration drilling campaign began at Block XXIII. The Company also owns a non operating net profits interest in a producing property in southwest Ecuador.