Macro Tsimmis

intelligently hedged investment

BPZ Energy (BZP) update

Posted by intelledgement on Mon, 26 Nov 07

Our Peru-centric Houston-based E&P company, BPZ Energy (BZP) today announced the signing of the contracts with Petroperu—Peru’s state-owned energy company—that grant BZP exclusive exploration and development rights for blocks XXII (948,000 acres) and XXIII (248,000 acres) respectively. There is a seven-year exploration phase and if BZP fulfills the minimum exploration requirements and chooses to develop the properties commercially, they have an additional 23 years to produce oil and 33 years to produce natural gas for each block, respectively. With the addition of these two blocks, BZP now owns exclusive licenses to explore and develop a total of 2.4MM acres—including 739,000 acres offshore—of Peruvian territory.

The ceremony—involving a total of 12 companies (in addition to Petroperu) who signed similar contracts for a total of 18 blocks—was a big deal in Peru, hosted by the country’s president, Alan Garcia, at the Presidential Palace and broadcast live last Wednesday (21 Nov 08). BZP CEO Manuel Pablo Zúñiga Pflücker was one of the speakers, and talking about the ceremony later, he stated, “As a native of Peru, I wanted to stress that BPZ Energy has been doing the right things here since the beginning of our operations to develop hydrocarbons, and to give back to the people and communities of Peru.”

Nice to be invested in a potentially highly lucrative endeavor that should be good for everyone (profits for us, cheap clean power for Peru and Ecuador, and crude production that will diminish Peru’s need to import oil). 🙂

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