BPZ Energy announces multi-million investment plan

The president of Texas-based BPZ Energy announced a plan today to invest $215 million in hydrocarbon exploration and production in Peru this year. Manuel Zúñiga said the investment will be used to drill new wells and further develop the four blocks where they are currently operating, Agencia Andina reported.

The four blocks cover some 971,245 hectares, or almost 2.4 million acres, and include the offshore Block Z-1, where explosions in January on a 1400-ton, Class C tanker on lease from the Peruvian navy caused an oil spill off the coast in northern Tumbes Department, killing one person and injuring numerous others.

Zúñiga said they would also invest in exploration in Block 19, located in the northern Piura Department as well as seismic studies in Block 22, also in Piura, and Block 23 in Tumbes. Zúñiga added that they have already identified 50 prospective areas in the four blocks that may contain oil and natural gas.

Sharing is caring!

Comments are closed.