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Shell Taps BPZ For Peru Project

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Shell Taps BPZ For Peru Project

07-14-2008 | Source: LatinFinance.com

BPZ Energy, a Houston-based oil company operating in Peru, has unveiled a new investment scheme in Peruvian oil & gas alongside Royal Dutch Shell totaling $750 million over four years.

Shell will contribute $300 million for three gas exploration lots in Tumbes, on the northern coast. “We are still determining our strategy, but there will be several hundred miles of seismic lines and least 20 test wells drilled,” Carlos Niño Neira, VP of administration and finances at BPZ, tells Latin Finance.

BPZ will also invest $300 million, but it will concentrate on oil. In addition, the company has plans to build a 150MW thermal plant in Tumbes that would provide power to the northern coastal departments. The plant would require $150 million in investment and could be ready by end-2010. 

BPZ has four concessions totaling 2.4 million acres in northern Peru.

Shell was active in Peru until 1998, when it decided to pass on the development of the Camisea gas fields. BPZ is producing an average of 474 barrels a day of hydrocarbon liquids at its off-shore Z-1 lot. It produced 86,319 barrels through the end of June, according to the Perupetro, the state agency in charge of promoting hydrocarbons.

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