Brazilian OGX expects up to 900MM barrels of oil at OGX-3 well

Brazilian private company OGX announced that it has completed cased hole drillstem testing of the 1-OGX-3-RJS well in the shallow waters of Block BM-C-41 of the Campos Basin offshore Brazil.

Spud in November 2009 and drilled to a total depth of 4,084 meters by the Sea Explorer semisubmersible, the OGX-3 well encountered oil in the carbonate reservoirs of the Albian, Aptian and Barremian formations. Using well information and 3D seismic data, estimates of the recoverable oil within the reservoirs range from 500 to 900 million barrels. 

After drilling was completed on well OGX-3, the cased hole drillstem test was initiated in the carbonate reservoirs of the Albian section in an effort to establish reservoir characteristics. Test results identified good quality oil with an estimated API of 19 to 20.

The test data confirms that the vertical OGX-3 well has a production potential of 3,000 barrels of oil a day; but by developing the field through horizontal wells, OGX hopes to increase the productivey of the wells by up to five times, resulting in horizontal production wells that produce some 15,000 barrels of oil a day.

Last week, OGX signed an agreement with OSX Brasil for the charter of the FPSO OSX 1 with a daily production capacity of 80,000 barrels of oil and a storage capacity of 950,000 barrels of oil. Production from this FPSO is scheduled to begin by 2011.

OGX wholly owns and operates Block BM-C-41.

An Aker H-3 design, Sea Explorer semisub will now be moved to the nearby Hawaii prospect on Block BM-C-42 in the Campos Basin. The exploratory well on Hawaii is expected to spud in the middle of February 2010.

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