BPZ Energy completed the Corvina CX15-14D development well offshore Peru.
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Block Z-1 map. From BPZ. |
The CX15-14D well is located in Block Z-1 and is to the west of the six previously drilled CX-15 wells. The Corvina field is located offshore in shallow waters of the Tumbes basin.
CX15-14D was drilled to a total measured depth of 7845ft and completed in six weeks. For the last 10 days, the well has averaged approximately 600b/d, or 306b/d net to BPZ.
According to BPZ, the well encountered continuity of sands and higher reservoir pressures, as the company expected. Following this reservoir trend, the CX15-8D development well spud on 11 December and targets an area southwest of the CX15-14D. Estimated total measured depth of this new well is 9600ft, which will target the Upper Zorritos formation where sands from other Corvina wells are producing, as well as evaluate the potential of the deeper Middle Zorritos.
Results for CX15-8D are expected in February 2015.
The Albacora A-27D development well, drilled to approximately 14,500ft, is expected to be placed on production this month, and due to testing of potential new deeper zones, results are now expected in January 2015.
BPZ says production from Block Z-1’s Corvina and Albacora fields for the 4Q period through 21 December 2014 have averaged approximately 5326b/d gross, or 2716b/d net to BPZ, which is above its 3Q levels.
"We are very pleased to bring another well online at the Corvina field and look forward to the Albacora A-27D well results and its potential impact on reserves,” says Manolo Zuniga, BPZ president and CEO. “Work continues on the 2015 capital and exploratory budget, which we expect to share once finalized. Given the lower oil price environment we are carefully reviewing our 2015 plans."
Block Z-1 covers 739,205 gross acres. Total net proved oil reserves at year-end 2013 for the block were an estimated 16.1MMbbl. Oil is currently being produced from the Corvina field CX-11 and CX-15 platforms in addition to the Albacora field platform. Fifteen geologic structures in the block have been mapped, including the West Corvina, Albacora and Piedra Redonda fields. BPZ says its 1600sq km 3D seismic survey completed in early 2013 will better define the exploration and development projects at the block.
BPZ holds 51% interest in Block Z in partnership with Pacific Rubiales Energy (49%).
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