Peru offshore oil production platform on target for installation

Oil production from BPZ Energy’s Corvina and Albacora fields offshore Peru has been averaging around 3,920 b/d.

Offshore staff

HOUSTON – Oil production from BPZ Energy’s Corvina and Albacora fields offshore Peru has been averaging around 3,920 b/d.

A new 3D seismic survey has been under way for a month on offshore block Z-1, and should be completed during 2Q 2012, followed by a period of processing and interpretation. The aim is to improve understanding of the geology of both fields, and to better define other prospects on the block for future exploration.

Work continues on the newCX-15 platform, with installation on Corvina scheduled for 3Q 2012. The CX-15 drilling program will target development of 23 MMbbl of reserves.

Also at Corvina, an expanded workover program to implement a gas cap reinjection program has brought positive results – the aim was to counter steep production declines.

In January, production was restored from the Albacora A-14XD well. TheAlbacora platform now has all necessary equipment installed for reinjection of gas and water. Tie-ins have been completed, the equipment has been tested, and BPZ is working to obtain the environmental permit to commission the equipment.

In the meantime, the company has secured an extension of flaring permits from the Peruvian Ministry of Energy and Mines to continue well production at Albacora.

BPZ also continues to work toward obtaining a joint venture partner for block Z-1.

3/13/2012

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