OGX mulls hydrocarbons projects in neighbor

Brazilian oil company OGX is interested in investing in Bolivian hydrocarbons projects, Eike Batista, president of the company board, told journalists. "We have to remember that when you get natural gas from Bolivia, you also get liquids, which also interest us," Batista said. OGX is in talks with Repsol YPF (NYSE: REP) for potential joint projects in Bolivia, where the Spanish oil major is active. But OGX's core business will remain in Brazil, Batista said. "Brazil has a fascinating market with a great potential. I am a [federal energy company] Petrobras (NYSE: PBR) shareholder and I think they are present in the areas with the most promising outlook in the world," he said. Oil companies are keen on teaming up with OGX to explore oil blocks in Brazil, Batista said. OGX won the most blocks in the country's ninth licensing round last year. "Other than the areas we snapped up in round nine, around 20 companies have been in touch with us to help develop their own projects. OGX's know-how is in data interpreting," he said. OGX has several former Petrobras executives in its senior management. OGX is interested in growing its E&P portfolio regardless of the fact Brazil could boost its government take in some areas such as the pre-salt blocks. "When it comes to pre-salt, we cannot bid for those blocks because we are not authorized to drill deepwater yet," he said. The pre-salt areas are home to the promising Tupi, Júpiter and Sugar Loaf projects. Oil prices will reach US$150/b in the next two years, Batista said.