OGX Declares Waikiki Oil Field Commercial
OGX Petróleo e Gás Participações S.A. (OGX) has presented to the National Petroleum, Natural Gas and Biofuels Agency (ANP) a Declaration of Commerciality for theWaikiki
accumulation, for which the proposed new designation is the Tubarão Martelo Field, in blocks BM-C-39 and BM-C-40, in shallow waters of the Campos Basin. OGX holds a 100% interest in these blocks.
"This announcement marks the beginning of a series of declarations of commerciality by OGX in the Campos Basin, following an intensive and successful exploration and appraisal campaign over the last two years, which has given us a better understanding of the region and helps us to enter the Company´s production phase," commented Paulo Mendonça, General Executive and Exploration Officer for OGX. "We will continue to focus on the exploration of new areas and on the execution of our existing projects, striving to achieve the shortest timeframe between the discovery and first oil, and maximizing cash flow generation in the short and medium term," added Mr. Mendonça.
The Development Plan is being finalized and will soon be presented to the ANP. OGX estimates a total recoverable volume of 285 million barrels of oil from this field over the concession period´s production phase.
The Waikiki accumulation was discovered through the wildcat well 1-OGX-25-RJS in December 2010 and production is expected to start in the second half of 2013. The plan for production at the Waikiki Complex, of which the Tubarão Martelo field is a part, involves employment of production units FPSO OSX-3 and WHP-2, which are being built by Modec and Techint, respectively.
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