BPZ Energy Exploring Peru's Oil Fields Attracts World-Class Partner
By Oil & Gas 360:A strategic inflection point was taken today by BPZ Energy (BPZ).
Joint Venture with Pacific Rubiales at Block Z-1
On April 27, 2012, BPZ formally announced a much anticipated joint venture with Pacific Rubiales Energy Corp. (PEGFF.PK) to explore and develop offshore Block Z-1. Pacific Rubiales will pay BPZ $150 million in cash and has committed $185 million for BPZ's share of capital and exploratory expenditures in Block Z-1, in exchange for a 49% participating interest. BPZ will retain a 51% operating interest and Pacific Rubiales will contribute technical and operational expertise. Click here for the joint venture news release. BPZ owns interests in four blocks in Peru covering approximately 2.2 million undeveloped acres, and has license contracts for exploration in offshore Block Z-1, which includes the Corvina and Albacora oil fields and are the company's near-term focus projects. In addition to Block Z-1, BPZ has been actively acquiring andComplete Story »