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BPZ Resources, Shell seek Peruvian joint venture

BPZ Resources, Shell seek Peruvian joint venture

BPZ Resources, Shell in talks to form joint venture in Peru, BPZ Resources shares soar
June 26, 2008: 11:35 AM EST
NEW YORK (Associated Press) – Shares of BPZ Resources Inc. soared Thursday after the oil and gas exploration and production company said it is in talks with a unit of Royal Dutch Shell PLC about jointly developing properties in Peru.

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 and its also non-profit sister websites,,,,, and are all owned by John Donovan. There is also a Wikipedia article.

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