By OGJ editors
HOUSTON, Dec. 2 -- Shell International Exploration & Production has signed a memorandum of understanding with BPZ Energy Inc., Houston, to explore for oil and gas in northern Peru.
Shell would fund a three-phase exploration program in exchange for a 50% interest in parts of three blocks held by BPZ Energy in northern Peru, including the Pacific deepwater portion of offshore Block Z-1, which extends from Peru's coast to the marine border with Ecuador.
BPZ Energy also holds onshore Blocks XIX, XXII, and XXIII.
Shell would bring complementary technical skills, gas marketing expertise, and capital to combine with BPZ Energy's knowledge of the blocks, Shell said.
