OGX Wins License for Waimea Development

Brazilian environmental regulator IBAMA earlier this month issued license for OGX Petroleo e Gas on the test (EWT) and the development of production in the field of Waimea, Block BM-C-41, in the Campos Basin, coast of Rio de Janeiro.

According to the Environmental Impact Assessment (EIA), the recoverable volume estimated for the discovery Waimea is approximately 14 million cubic meters of oil. Peak production will be about 40 000 barrels of oil per day and is expected to occur in 2012.

The OSX-1, which will be used in the prospectus of Waimea has the capacity to process around 40 000 barrels / day and store 950,000 barrels.

The company now seeks to fulfill the conditions stipulated in the previous license to justify a site license, which authorizes the commencement of field activities.