OGX to Sell 20% of its Areas at the Campos Basin

New Wave Media

The company will sell the areas in order to finance the development of the proven reserves it has discovered at the Campos Basin.

OGX Petróleo e Gás Participações S.A., is looking to find partners to develop the fields it has discovered at the Campos Basin. The Executive Director of OGX, Paulo Mendonça confirmed during a recent conference with market analysts that the company will sell 20% of its areas at the Campos Basin. OGX has 7 blocks in Campos and has discovered oil in 5 of them. According to the company in these 5 blocks they have discovered reserves amounting to between 2,6 and 5,5 billion barrels.

Paulo Mendonça guaranteed that the EBX group continues to be interested in these discoveries and that the funds from the sale of these areas will go toward speeding up production development at the proven discoveries. OGX plans to start production at these blocks in the first quarter of 2011.

OGX, now has 5 drillers in activity, 3 at the Campos Basin and 2 at the Santos basin. The company has already ordered another 3 drillers in order to increase its exploratory activity.

OGX announced recently that it has secured, through its subsidiary OGX Petróleo e Gás Ltda, a sixth semi-submersible drilling rig, Pride Venezuela, to be provided by Pride International.

The decision to hire a sixth rig reflects the promising outlook that has resulted from previously drilled wells. This rig will enable the advancement of the delineation program and, at the same time, will allow OGX to continue identifying new exploratory prospects in the Campos and Santos Basins. Pride Venezuela has the capacity to drill wells up to 7,600 meters of depth, at a water depth up to 457 meters (1,500 feet). The rig will initiate its activities in the third quarter of 2010 and will be available for a period of up to one year.

 

Claudio Paschoa