UPDATE 1-BPZ Resources, Pacific Rubiales form JV in Peru
April 27 (Reuters) - Oil and gas company BPZ Resources Inc said it formed a joint venture with Pacific Rubiales Energy Corp to develop and explore an offshore block in Peru.
Pacific Rubiales will pay $150 million in cash and commit $185 million for BPZ's share of capital and exploratory expenditures in Block Z-1.
A BPZ unit will continue to be the operator of the block and retain a 51 percent participating interest.
The block covers two producing fields, which averaged 3,880 barrels of oil per day in the first quarter.
Credit Suisse and Tudor, Pickering, Holt & Co advised BPZ Energy on the transaction. (Reporting by Vaishnavi Bala in Bangalore; Editing by Don Sebastian) ((email@example.com within U.S. +1 646 223 8780 outside U.S. +91 80 4135 5800 Reuters Messaging:firstname.lastname@example.org)
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