BPZ targets offshore Peru drilling
Offshore
BPZ Energy expects to spud the first of three wells in an initial drilling program at its Corvina gas field offshore Peru in July. Drilling to total depth is estimated to take 25-28 days.
The Corvina field is in block Z-1, where plans are to drill three wells and recomplete a shut-in gas well as part of a project which includes construction of a 10-mile gas pipeline to a planned 160MW gas-fired power plant.
The company has refurbished the CX-11 drilling platform and will use a drilling rig secured from Petrex under a two-year contract extendable for another year.
BPZ has acquired and equipped deck barge BPZ-01, which is en route to Peru from Seattle to move the rig to the platform.
Total costs for refurbishing the CX-11 platform, drilling three wells and recompleting the fourth, design and construction costs for the pipelines to bring gas to shore, and material and labor costs to construct the power plant are now estimated at $127 million.
6-13-06
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