HOUSTON, Aug. 6, 2012 (GLOBE NEWSWIRE) -- Houston-based BPZ Energy (NYSE:BPZ) (BVL:BPZ) and Shanghai-based Wison Offshore & Marine Ltd., a subsidiary of the Wison Group, announced today the successful load out and sail away of the world's first Buoyant Tower drilling and production platform destined for installation at BPZ Energy's Corvina field located offshore Peru.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13947
The CX-15 platform was safely completed and successfully delivered to BPZ Energy at Wison Offshore & Marine's Nantong, China, fabrication facility in a record 11 months from contract signature and without a single lost time incident. Wison's scope included the engineering, procurement and construction of the facility's 2,500 ton Buoyant Tower hull and 1,500 ton topsides facility. This project represents not only the first use of the design, but also the first implementation of Wison's integrated international delivery model including members from the company's three operation centers Inc. located in Shanghai and Nantong, China, and Houston, Texas, USA.
The Buoyant Tower hull for the facility was designed and engineered through a joint venture between Wison affiliate, Horton Wison Deepwater, and GMC Limited and consists of four, ring-stiffened connected cylindrical tubes or "cells" with one central suction pile. Each cell measures 8.4 meters in diameter and 60.1 meters long, with a total hull length, including suction pile, of 69.9 meters. This design, which is similar to proven cell spar technology, was a key enabler for the project due to the fact that it will not require a derrick barge for installation as it is located in a region with minimal resident offshore construction vessels.
When installed, the Buoyant Tower will support the three-level topsides facility designed by Audubon Engineering and GMC Limited and equipped to produce 12,200 barrels per day of oil, 12.8 million standard cubic feet per day of gas and inject 3,500 barrels per day of water. Additionally, the facility will be capable of supporting a drilling rig with 24 well slots.
"The completion of the BPZ Energy Corvina CX-15 project without a single lost-time incident is a notable accomplishment for Wison Offshore & Marine and its business partners as it affirms our collective commitment to safety," said Daniel Chang, Executive Vice President of Operations for Wison Offshore & Marine. "Delivering this state-of-the-art prototype project in a record time of 11 months and within budget clearly reaffirms Wison's position as a preferred quality and reliable provider of choice in the offshore and marine industry, especially in this part of the world. On behalf of Wison Offshore & Marine, I would like to thank BPZ Energy for having confidence in us."
Richard Spies, Chief Operating Officer of BPZ Energy, also commented, "We are very pleased with the customized design of the new CX-15 platform and hull which will be installed shortly at our Corvina field in Block Z-1. We were impressed with the quality and efficiency of the fabrication work performed by Wison and their subcontractors in China. As we have previously stated, the importance of this design is that it allows us the ability to develop other future discoveries that are located between 200 feet and 700 feet of water."
Both hull and topsides were loaded onboard a single heavy lift transport vessel, the Osprey, which is sailing to Peru for the installation operation.
About BPZ Energy
Houston-based BPZ Energy, which trades as BPZ Resources, Inc. on the New York Stock Exchange and the Bolsa de Valores in Lima, is an independent oil and gas exploration and production company which has license contracts for oil and gas exploration and production covering approximately 2.2 million gross acres in four properties in northwest Peru. In partnership with Pacific Rubiales Energy Corp., the Company is currently executing the development in Block Z-1 of the Corvina oil discovery, as well as the redevelopment of the Albacora oil field. In addition, the Company is pursuing the exploration of Blocks XIX, XXII and XXIII, in parallel with the execution of an integrated gas-to-power strategy, which includes generation and sale of electric power in Peru and the development of a regional gas marketing strategy. The Company also owns a non-operating net profits interest in a producing property in southwest Ecuador. Please visit the Company's website at www.bpzenergy.com for more information.
About Wison Offshore & Marine
Wison Offshore & Marine is the upstream oil and gas division of the Wison Group. The company's services cover the full life cycle of project delivery, from facility design and engineering, to project management, construction, commissioning and operations. This expertise can be applied to all types of oil and gas developments including fixed platforms and modules, marine and offshore support vessels, mooring systems, offshore lifting equipment, and complete floating production and drilling systems such as TLPs, Spars, Semisubmersibles, and floating production storage and offloading (FPSO) vessels. Wison Offshore & Marine is capable of executing engineering and design activities out of its headquarters in Shanghai, China, as well as Houston, Texas, USA, and perform fabrication of facilities from its two world-class yards in Nantong and Zhoushan, China. Learn more about Wison Offshore & Marine at www.wison-offshore.com or call (281) 676-2650.
BPZ Energy - Forward Looking Statement
This Press Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward looking statements are based on our current expectations about our company, our properties, our estimates of required capital expenditures and our industry. You can identify these forward-looking statements when you see us using words such as "will," "expected," "estimated," and "prospective," and other similar expressions. These forward-looking statements involve risks and uncertainties.
Our actual results could differ materially from those anticipated in these forward looking statements. Such uncertainties include successful installation of our new platform in Corvina, the success of our project financing efforts, accuracy of well test results, results of seismic testing, well refurbishment efforts, successful production of indicated reserves, satisfaction of well test period requirements, successful installation of required permanent processing facilities, receipt of all required permits, and the successful management of our capital expenditures, and other normal business risks. We undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.
BPZ Energy - Cautionary Statement Regarding Certain Information Releases
BPZ Energy is aware that certain information concerning its operations and production is available from time to time from Perupetro, an instrumentality of the Peruvian government, and the Ministry of Energy and Mines ("MEM"), a ministry of the government of Peru. This information is available from the websites of Perupetro and MEM and may be available from other official sources of which the Company is unaware. This information is published by Perupetro and MEM outside the control of the Company and may be published in a format different from the format used by the Company to disclose such information, in compliance with SEC and other U.S. regulatory requirements.
Additionally, the Company's joint venture partner in Block Z-1, Pacific Rubiales Energy Corp. ("PRE"), is a Canadian public company that is not listed on a U.S. stock exchange, but is listed on the Toronto (TSX), Bolsa de Valores de Colombia (BVC) and BOVESPA stock exchanges. As such PRE may be subject to different information disclosure requirements than the Company. Information concerning the Company, such as information concerning energy reserves, may be published by PRE outside of our control and may be published in a format different from the format the Company uses to disclose such information, incompliance with SEC and other U.S. regulatory requirements.
The Company provides such information in the format required, and at the times required, by the SEC and as determined to be both material and relevant by management of the Company. The Company urges interested investors and third parties to consider closely the disclosure in our SEC filings, available from us at 580 Westlake Park Blvd., Suite 525, Houston, Texas 77079; Telephone: (281) 556-6200. These filings can also be obtained from the SEC via the internet at www.sec.gov.
CONTACT: BPZ Energy A. Pierre Dubois: (281) 752-1240 firstname.lastname@example.org Wison Cynthia Bowen: (281) 676-2668 email@example.com Nancy Li: (86-21)2030 6245 firstname.lastname@example.org