Houston-based BPZ Energy is an independent oil and gas exploration and production company with license contracts covering approximately 2.2 million gross acres in four blocks in northwest Peru.
Five key initiatives are strengthening the foundation of the Company for future growth:
1. Achieving Albacora field commerciality
2. Optimizing oil production
3. Developing 23 MMBOs of Corvina PUDs from a new CX-15 platform
4. Exploring offshore and onshore
5. Unlocking asset value
At Block Z-1, the Corvina and Albacora oil fields in offshore Block Z-1 are the Company’s core producing assets. During 2012 BPZ Energy entered into a partnership with Pacific Rubiales Energy Corp. (PRE) to develop Z-1, which was an integral part of the five-initiative plan to unlock value. The Company continues to execute on all its initiatives which are expected to further better position the Company to grow production and reserves.
The CX-15 is a new platform for the Corvina Field at Block Z-1 which has been fabricated and will be installed in 2012, with interconnected pipelines to the existing CX-11 platform. New development drilling is expected to begin at the CX-15 in late 2012. In addition, a new 3D seismic survey at Block Z-1 is currently underway on over 1,600 square kilometers, which will help map future exploration drilling locations. At Albacora, the necessary gas and water reinjection equipment has been installed and commissioning of the equipment is expected to start in 2012.
Onshore, BPZ’s primary initiatives have been focused on the acquisition of seismic data for assessing the petroleum systems in the three onshore blocks: Blocks XIX, XXIII and XXII. During calendar 2011, the Company drilled the Pampa la Gallina oil prospect, its first exploratory well onshore in Block XIX. The Company is also executing a gas marketing and gas-to-power strategy to aide in monetizing the Company’s gas potential.
In Ecuador, the Company also owns a non-operating net profits interest in a producing property.
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.