BPZ Resources, Shell seek Peruvian joint venture
Under terms of a memorandum of understanding signed by BPZ and Shell Exploration Co., the companies agreed to negotiate terms of a so-called farmout agreement whereby Shell may earn a stake in three northwestern Peru properties that are believed to hold significant crude oil and natural gas reserves.
The memorandum envisions a joint venture in which Shell pays BPZ, collects seismic data on the parts of the properties, or blocks, and drills wells. A spokesman for BPZ said some of the properties are off Peru’s coast.
The goal of the negotiations, expected to conclude this year, is “large-scale oil and gas ventures, including regional power generation, gas supply for local and regional industry, and (liquid natural gas).”
Shares of BPZ rose $3.41, or 13.8 percent, to $27.80 in midday trading
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