OGX Declares New Commerciality in the Parnaiba Basin

Source: www.gulfoilandgas.com 1/24/2013, Location: South America

OGX Petroleo e Gas, the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in Brazil, announced a declaration of commerciality for the Bom Jesus accumulation to the National Petroleum, Natural Gas and Biofuels Agency (ANP). The Bom Jesus accumulation was discovered in blocks PN-T-67 and PN-T-68 in the Parnaiba Basin.

Luiz Carneiro, CEO of OGX, commented, “This declaration of commerciality is the result of a successful exploration campaign in the Parnaiba Basin. It demonstrates our continued advancement in pursuit of new areas in the region and underscores that we are executing our projects.”

The Bom Jesus accumulation that is the object of the declaration of commerciality is expected to be designated as the Gaviao Branco Field. The field’s Development Plan will be submitted to the ANP soon. OGX estimates a total volume in place between 0.2 and 0.5 Tcf of gas for this field.

OGX Maranhao Petroleo e Gas SA, operator of the PN-T-67 and PN-T-68 blocks, is an entity formed by OGX (66.6%) and MPX Energia SA (33.3%), and holds a 70% stake in the referred blocks. Petra Energia holds the remaining 30%.

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