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 2012 net proved oil reserves for these two fields were approximately 16.4 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 is currently underway. The new CX-15 platform has been fabricated and placed at Corvina to begin developing the field’s proved undeveloped reserves. 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 Blocks XIX, XXII and XXIII to lay the groundwork for exploration drilling in the future. The Company also owns a nonoperating net profits interest in a producing property in southwest Ecuador.