OGX finds new oil in Campos Basin
Date added: 13th January, 2010 at 12:42
(view all articles from January, 2010)
Categories: Natural Resources
Opportunities for investment in Brazil's energy industry could be encouraged by a new discovery off the coast of the Latin American country.
The nation's largest private sector oil and gas company in terms of the amount of territory which it explores, OGX Petroleo e Gas Participacoes, revealed it discovered "an oil-bearing interval" in a well in the Campos Basin.
According to predictions from state-owned energy giant Petrobras, Campos will produce around 1.8 million barrels of oil per day and 34.6 million cubic metres per day over the next 12 months.
It currently accounts for about 84 per cent of Brazil's oil output.
OGX said that the new discovery came in the basin's BM-C-42, in which it holds a 100 per cent stake.
"This discovery demonstrates once more the efficiency of the petroleum system in this portion of the Campos Basin, as well as the success of our exploratory strategy for this area," said the company's general executive officer Paulo Mendonca.
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