OGX initiates Campos, Santos basin drilling

OGX Petróleo e Gás Participações is initiating its exploratory campaign in the Campos and Pará-Maranhão basins.

Offshore staff

RIO DE JANEIRO -- OGX Petróleo e Gás Participações is initiating its exploratory campaign in the Campos and Pará-Maranhão basins. The company has implemented a 3D seismic campaign, hired four semisubmersible drilling rigs, and chartered six vessels and two helicopters for logistical support. The company has also contracted an onshore base and acquired drilling materials to support exploration and the construction of a state-of-the-art 3D visualization center.

Seismic Campaign: 3D seismic data shooting in the Campos and Pará-Maranhão basins was fully completed in December 2008. Seismic acquisition in the Espírito Santo blocks is under way and seven months ahead of the original timetable, the company says. Existing 3D seismic data for the Santos basin has been further improved with modern special reprocessing techniques, and is already available to OGX's interpretation team. Data interpretation will be complete by mid-2009 for blocks in the Campos, Santos and Pará-Maranhão basins, while Espírito Santo will be ready by December, the company says.

Drilling Rigs: OGX has hired four semisubmersible rigs, three from Diamond Offshore and one from Pride International, which will allow the company to carry out its entire exploratory drilling campaign in the Campos and Santos basins. Two rigs are starting in September, another will begin in October and the last one is scheduled to start in the beginning of 2010.

Logistics: The Company has chartered six vessels, five of which are being built in Brazil, and two helicopters to transport personnel and goods to the offshore drilling rigs operating in the Campos and Santos basins. This equipment was contracted from contractors including Edison Chouest, Norskan Offshore and Aeróleo. In addition, the company secured with Briclog its onshore base in the city of Rio de Janeiro, where supplies will be stored and handled into and out of the vessels;

Drilling Services and Equipment: The company has secured drilling materials, services, and equipment from suppliers, including wellheads from Vetco, casings from V&M do Brasil, and drilling fluid from MI-SWACO. In addition, the company has hired engineering services from Schlumberger and Halliburton and casing running services from Frank's International.

3D visualization center: OGX has built a visualization center at its Rio de Janeiro headquarters to further enhance integration between the various teams, improve decision-making processes, and increase productivity.

The company plans to begin drilling in the Santos basin with partner and operator Maersk Oil by the end of the second quarter. Following this, the company will drill two wells in the Campos basin beginning in September after arrival of the first two rigs. Upon completion of the first two wells, drilling will begin on two additional prospects in the Campos basin. The sixth well scheduled for 2009 will be in the Santos basin and should start in November after the company's third rig is delivered.

02/16/2009

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