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 Block Z-1, which is 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.
In this respect, a new 3D seismic survey at Block Z-1 on over 1,600 square kilometers was completed in early 2013, which is helping map and confirm exploration and development drilling locations. The new Corvina field CX-15 platform was installed at Block Z-1 and is interconnected via subsea pipelines to the existing CX-11 platform. New development drilling began at the CX-15, along with the resumption of drilling at Albacora in late 2013. Exploration plans are also being reviewed at the block.
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. In 2014 three exploration wells have been drilled and testing is currently underway.
In Ecuador, the Company also owns a non-operating net profits interest in a producing property.