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BPZ reports oil production, reserves offshore Peru

BPZ Energy Inc., Houston, reported a 10.7 decline in proved crude oil reserves at the end of 2011 and early reponse to a gas cap reinjection program at Corvina field offshore Peru.

The decline in proved reserves to 34.7 million bbl in Corvina and Albacora fields resulted from 1.4 million bbl of production from Corvina and downgrading of 1.7 million bbl to the probable reserve category at Albacora due to results of the 2011 workover program. No new well was drilled at either field last year.

The gas cap reinjection program initiated in late 2011 has greatly arrested decline rates at Corvina, the company said. The company is awaiting environmental approval to begin reinjecting gas and water at Albacora.

Production has averaged 3,920 b/d of oil year-to-date through February 2012 from both fields on Block Z-1, for which it is seeking a partner. A 3D seismic survey has been under way for 4 weeks, and the new CX-15 platform is to be installed in the third quarter of 2012 to target development of 23 million bbl of proved undeveloped reserves at Corvina.

The company wrote off the costs of the Pampa la Gallina-1X well on onshore Block XIX and is acquiring an environmental permit to shoot more seismic on the block.


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