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OGX makes new offshore oil discovery

Date added: 29th December, 2009 at 09:23
(view all articles from December, 2009)

Categories: Natural Resources, Rio

Investment in Brazil's natural resources could be encouraged by a potential new oil discovery off the coast of Rio de Janeiro state.

OGX, Brazil's largest private sector oil and gas firm in terms of its offshore exploration activities, announced that it had found traces of hydrocarbons in the shallow waters of the Campos Basin.

It is the second time that a new discovery of the commodity has been made at the well, which lies some 83km off the coast of the state.

Paulo Mendonca, general executive officer of the energy company, said that the find was testament to the fact that OGX has used the "right exploratory strategy" in developing the site.

He added that the location has significant potential for the company and for the Latin American country as a whole, saying that it has "all the elements to become a major oil producing region".

Recently, the firm revealed that another well in the offshore field could contain up to two billion barrels of oil, Reuters reported.ADNFCR-1477-ID-19531375-ADNFCR

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