Peru

Perupetro agreed with BPZ Resources Inc., Houston, to accept Nov. 30, 2010, as the first date of commercial production from Corvina field on Block Z-1 off northwestern Peru.

By OGJ editors
HOUSTON, May 26 – Perupetro agreed with BPZ Resources Inc., Houston, to accept Nov. 30, 2010, as the first date of commercial production from Corvina field on Block Z-1 off northwestern Peru.

The company had hoped to start commercial output from Corvina by May 31 (OGJ Online, Feb. 22, 2010).

The company will apply to the responsible agency for the required flaring permits on a well by well basis, as needed, for gas flaring associated with the continued testing of Corvina and Albacora fields. BPZ believes the approval should enable it to continue testing wells under certain flaring restrictions based on approved permits, up until Nov. 30.

Approval to extend the date of first commercial production allows the company to continue field tests within flaring limits, which is necessary to determine the drive mechanism and improve geologic modeling. The extension, unless denied, also allows time to install gas and water reinjection equipment, drill one more well, and if time permits reenter one well in Corvina.

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