BPZ begins selection process for power project partner

Bnamericas Published: Monday, May 11, 2009
Houston-based BPZ Resources (NYSE: BPZ) has begun the process to select a JV partner for its gas-to-power project in Peru, company CFO Ed Caminos announced. The company plans to fire the 160MW plant with gas it produces from Corvina, roughly 40Mf3/d (1.13Mm3/d). Several potential partners have been identified for the US$150mn project, Caminos said in a webcast to discuss first quarter results. The executive added that through discussions with IFC, roughly 60% of the project's costs can be expected to be covered with traditional project financing, given current credit market conditions. BPZ plans to begin talks with IFC once contracts have been finalized with the partner to restructure financing, he said. The process to select a project partner and secure financing is expected to close by year-end. Earlier this year, the company announced it had pushed back the project to focus on oil development in the Corvina and Albacora offshore fields due to market conditions. The previously announced startup time was 2010.

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