BPZ sees Peru 2012 oil output flat , up in 2013

Houston's BPZ Energy said that it expects oil production to be flat next year, however it sees a "significant" boost in 2013 with the installation of a new platform at its offshore Corvina oil field.

Corvina is located off the coast of northern Peru's Tumbes region in the company's Block Z1, where it also has the Albacora oil field. Commercial production at Albacora is expected to begin by the end of the year.
In 2010, BPZ pumped 1.5 million barrels of oil, which represented about 5% of Peru's national production.
BPZ Chief Executive Manuel Zuniga said that output in 2011 and 2012 should be similar to last year.
However in 2013, output is forecast to be significantly higher with the startup of a new drilling and production platform, Zuniga told reporters following a ceremony to announce the company's listing on the Lima Stock Exchange.
The new platform will increase production capacity by 12,000 barrels a day on top of the current capacity of about 4,000 barrels a day, Zuniga said.
Zuniga added that the installation of the new platform could increase BPZ's share of crude production to about 15% of Peru's national output. "The impact is going to be seen starting in 2013," the executive said.
The platform will cost about $60 million and its installation is scheduled to be completed in the second half of 2012.
Source: Market Watch