Brazil independent gears up for exploration

OGX Petroleo e Gas Participacoes, Brazil's largest independent company in terms of offshore exploration acreage, plans to drill or participate in 51 wells the next 4 years in Brazilian land and offshore basins.

By OGJ editors
HOUSTON, Feb. 13 -- OGX Petroleo e Gas Participacoes SA, Brazil's largest independent company in terms of offshore exploration acreage, plans to drill or participate in 51 wells the next 4 years in Brazilian land and offshore basins.

The company, which holds 1.7 million acres of offshore rights on 22 blocks in four basins, has chartered four semisubmersibles. OGX is capitalized at $8.5 billion.

It plans to start drilling with operator Maersk Oil in the Santos basin. Two wells in the Campos basin will follow in September. Another Santos well should spud in November, and two more Campos wells will follow around the end of 2009.

OGX completed 3D seismic surveys in the Campos and Para-Maranhao basins in December 2008. Seismic acquisition in the Espirito Santo basin blocks is well under way and 7 months ahead of the original timetable. Existing Santos basin 3D seismic has been reprocessed and made available to OGX's interpretation team.

Data interpretation will be complete by mid-2009 for the Campos, Santos, and Para-Maranhao blocks, and Espirito Santo will be ready by December 2009.

OGX has built a state-of-the-art 3D seismic visualization center at the Rio de Janeiro headquarters.

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