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OGX sees large oil deposits at new discoveries

Bnamericas Published: Tuesday, March 29, 2011
Brazilian oil firm OGX believes potential hydrocarbon reserves at its Waikiki and Pipeline prospects in the offshore Campos basin could be even bigger than those at its already commercially identified Waimea prospect. "We are quite sure that we will have the same kind of results or better from Waikiki and Pipeline," the firm's executive production officer said during a conference call. OGX plans to begin production from the Waimea prospect, also in the Campos basin, in 3Q11, with expected flow rates of between 20,000b/d and 40,000b/d from the OGX-26 well. The company is currently developing an exploration campaign for both the Waikiki and Pipeline prospects, located on the BM-C-39 and BM-C-41 licenses, respectively. Significant oil discoveries have been made at both prospects within the last three months. "The most important thing is to appraise the discoveries we have already made. We will develop Pipeline and Waikiki in parallel and we intend to start production soon," CEO Paolo Mendonça added during the conference call. The firm intends to drill 35 wells across its Brazilian acreage over the course of 2011, with 18 concentrated in the Campos basin. Twelve of these will aim at appraising existing discoveries including the Waikiki and Pipeline prospects. OGX holds seven blocks in the Campos basin, and estimates its reserves in the area total 3.6Bboe.The firm expects to invest some US$2bn in exploration over the course of 2011.

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