Brazil’s OGX Declares Tubarão Azul Field Commercial

Brazil's OGX Declares Waimea Offshore Field Commercial

Brazil’s OGX has presented to the National Petroleum, Natural Gas and Biofuels Agency (ANP) a Declaration of Commerciality of a portion of the Waimea Complex, for which the proposed new designation is Tubarão Azul Field, in block BM-C-41, in the shallow waters of the Campos Basin.

OGX, the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in Brazil, holds a 100% interest in these blocks.

This declaration of commerciality presented to the ANP, of a portion of the Waimea Complex (1st production module) occurred after assessing the results gathered so far of the Extended Well Test (EWT), conducted through the OGX-26HP well, which has been confirming excellent permoporosity reservoir characteristics and leading to a better specification and elaboration of the Development Plan (DP) of this area.

The Development Plan, which will be submitted to the ANP, estimates a total recoverable volume of 110 million barrels of oil from Tubarão Azul Field over the concession period’s production phase.

“This important step will allow us to connect the second well and intensify production by the FPSO OSX-1 making our operations in this area even more profitable given the higher cash flow generation and dilution of operating costs”, commented Paulo Mendonça, CEO of OGX.

Offshore Energy Today Staff, May 15, 2012