Investment in Rio increases on fresh oil discovery
Date added: 21st July, 2010 at 10:26
(view all articles from July, 2010)
Categories: Rio
Investment in Rio de Janeiro rose recently as oil company OGX Petroleo e Gas - which operates off the coast of the state - revised its column and net pay estimates following a fresh oil discovery.
According to Reuters, shares in the firm increased by 1.5 per cent on Monday (July 19th) to R$17.97 (£6.63), while the stock has gained a total of 4.7 per cent this year.
OGX has made two announcements recently regarding the identification of extra reserves of the commodity in the southern section of the Campos Basin.
The firm increased its predictions for the net pay and column of a previously discovered accumulation to 35 metres and 90 metres respectively on finding new evidence of hydrocarbons in one of its wells.
"The size and significance of the discoveries in this well highlight to us the importance of our northern blocks located in the Campos Basin," Paulo Mendonca, general executive officer of the company, commented in a statement.
In another release, OGX later revealed that it had encountered yet more oil at a separate well, named the Santa Helena prospect, which is located around 78 kilometres from the coast of Rio de Janeiro.
A column of approximately 96 metres was estimated, with a net pay of circa 32 metres.
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