Houston-based BPZ Energy is an independent oil and gas exploration and production company with license contracts covering approximately 1.9 million net acres in four blocks in northwest Peru. The Company was founded in 2001 and in 2004, BPZ became a publicly traded corporation. From its inception, BPZ Energy's objective has been to conduct its operations responsibly in all its ventures.
At offshore Block Z-1, the Corvina and Albacora oil fields are the Company’s core producing assets. During 2012 BPZ Energy entered into a partnership with Pacific Rubiales Energy Corp. to develop Z-1, which was an integral part of BPZ's plan to unlock value. The Company continues to execute on all its initiatives which are expected to further better enable growth in production, reserves and cash flow.
The CX-15 is a new platform at the Corvina Field at Block Z-1 which was installed in 2012, will be interconnected via subsea pipelines to the existing CX-11 platform. New development drilling is expected to begin at the CX-15 in 2013. In addition, a new 3D seismic survey at Block Z-1 on over 1,600 square kilometers was completed in early 2013, which will help map future exploration drilling locations.
Onshore, BPZ’s primary initiatives have been focused on the acquisition of seismic data for assessing the petroleum systems in onshore Blocks XIX, XXIII and XXII, which are 100% owned by the Company. Pre-drilling preparations are currently underway for Block XXIII. In Ecuador, the Company also owns a non-operating net profits interest in a producing property.