OGX clinches five exploration blocks onshore Colombia

Source: OGX

OGX Petróleo e Gás Participações S.A. announces the result of its participation in the bidding process for the Open Round Colombia 2010, held in Colombia. 

OGX, through its subsidiary OGX Petróleo e Gás Ltda, offered winning bids for five exploratory blocks in three onshore basins: Cesar-Ranchería, Lower Magdalena Valley and Middle Magdalena Valley. The formal awarding of the concessions by the National Agency of Hydrocarbons ("ANH") is expected to occur in the coming days. 

"OGX's participation in this round represents an important step in the expansion of our exploratory efforts and was based on our belief that these high potential assets have characteristics that could lead to large discoveries," commented Paulo Mendonça, General Executive Officer of OGX. "Our participation in this process is a clear indication that the Company is positioned to pursue assets in locations where we have experience and differentiated knowledge." 

The strategy in entering in Colombia was based on the extensive experience of our team in the region, especially the General Executive Officer,Paulo Mendonça, who worked successfully for seven years in the country. 

The five acquired blocks encompass an area of 12.5 thousand squared kilometers in onshore sedimentary basins at different stages of maturity and offer significant exploratory potential. OGX has committed to a total investment of approximately US$125 million over the first three years for the initial exploratory period, which includes the acquisition of seismic data and the drilling of wells. 

With this result, OGX's portfolio has increased to 34 exploratory blocks, 12 of which are onshore and 22 offshore, totaling an area of approximately 41,000 squared kilometers. 



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs