OGX takes control of Campos basin blocks offshore Brazil

OGX has acquired an additional 20% stake from partner Maersk Oil in two shallow water blocks in the Campos basin.

Offshore staff

RIO DE JANEIRO – OGX has acquired an additional 20% stake from partner Maersk Oil in two shallow water blocks in the Campos basin.

The company now holds 70% of blocksBM-C-37 and BM-C-38, and will become operator. Maersk retains the remaining 30%.

Paulo Mendonça, general executive and exploration officer of OGX, said: “As operator of these two blocks, we will intensify the drilling campaign, focusing on the appraisal of the existing discoveries as well as the drilling of new wildcat wells.”

The company plans to drill six wells on the blocks BM-C-37 and BM-C-38, both to appraise potential extensions of discovered accumulations and to test new prospects in the area.

OGX now operates seven exploratory blocks in the Campos basin with a total area of 1,177 sq km (454 sq mi). Earlier this year the company brought onstream its first operated project in the region,Waimea in block BM-C-41.

3/20/2012

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