BPZ Energy (NYSE and BVL: BPZ) is an independent oil and gas exploration and production company with license contracts in four properties covering approximately 1.9 million net acres in Peru. The Company has a 51% working interest in the offshore Block Z-1 license contract and 100% working interests in the onshore license contracts for Blocks XIX, XXII and XXIII.
At Block Z-1, the Corvina and Albacora fields are currently producing oil. Total year-end 2013 net proved oil reserves for these two fields were approximately 16.1 million barrels. During early 2013, a 1,600 square kilometer 3D survey was completed at Block Z-1 to better define the exploration and development potential, with processing and interpretation of the available data underway. In late 2013 development drilling recommenced at the new Corvina field CX-15 platform and at Albacora. An offshore exploration program is also currently in the planning phase. Block Z-1 operations are being conducted through a joint venture partnership with Pacific Rubiales Energy Corp.
Onshore, the focus has been seismic data acquisition at all three blocks to lay the groundwork for exploration and in early 2014 drilling began at Block XXIII. The Company also owns a nonoperating net profits interest in a producing property in southwest Ecuador.