15:27 | Lima, Jan. 02 (ANDINA).
BPZ Energy has received approval from the government of Peru to complete its agreement with Perupetro to add Pacific Rubiales Corp. to the offshore block Z-1 license.
BPZ had agreed for Pacific Rubiales to take a 49% participating interest in the block this past week, offshore-mag.com reported.
“Our partnership continues to work diligently to unlock the value of this asset, with development drilling expected to begin soon at Corvina's CX-15 platform and the 3D seismic campaign nearing completion,” said Manolo Zúñiga, president and CEO of BPZ.
Pacific Rubiales will pay $150 million for the interest and will fund exploration spending of $185 million.
(END) INT/EEP
Published: 1/2/2013