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BPZ sees 2012 offshore capex exceeding US$70mn

Bnamericas Published: Thursday, November 03, 2011
BPZ Exploración & Producción, the Peru focused subsidiary of Houston-based BPZ Energy (NYSE: BPZ), plans to spend at least US$70mn on offshore exploration over the course of 2012, according to managing director Rafeal Zoeger. "It all depends on if we can conclude the seismic studies this year. Then we can advance on the drilling programs on Albacora. There is also likely to be drilling in Corvina as well, so at least US$70mn," Zoeger told journalists on the sidelines of the BNamericas Southern Cone Energy Summit in Lima. The investment will be focused on the Z-1 license on which both the Corvina and Albacora fields are located. BPZ plans to begin exploration on the field using the CX-15 rig in the second half of 2012, with at least 20 wells planned on the Corvina field alone. According to Zoeger, further wells could be drilled on the firm's onshore blocks over the course of next year. "On the onshore blocks on which we have completed seismic work, there is the possibility that we might undertake some drilling," he said. BPZ recently completed surveys on blocks XXII and XXIII, and has previously spoken of drilling starting in early 2013. Zoeger added that the firm does not envisage participating in next year's tender for new E&P licenses in Peru which is currently being designed by state hydrocarbons promotion agency Perupetro. "The final decision will come from Houston, but at the moment I understand that we are focused on the areas we have under contract."

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