OGX makes major oil discovery in the shallow waters of the Campos Basin

By Phaedra Friend Troy

Brazilian independent OGX Petroleo e Gas Participacoes SA discovered oil in the Albian and Aptian sections of the Osomo prospect in the shallow waters of the Campos Basin offshore Brazil.

Discovery well 1-OGX-31-RJS encountered approximately 149 meters with 48 meters of net pay in the Albian section, as well as a column of 59 meters with 23 meters of net pay in the Aptian section. Both oil formations are in carbonate reservoirs.

“The result of OGX-31 increases our expectations for the Albian province, since it shows its continuity and confirms, once again, its huge petrolific potential,” said Paulo Mendonca, General Executive Officer of OGX. “In addition, this well confirmed the presence of oil in the Aptian section, where good levels of porosity were encountered.”

Located on Block BM-C-41 about 80 kilometers off the coast of Rio de Janeiro and in 136 meters of water, the OGX-31 discovery well was spud on Jan. 14, 2011 and drilled to a total depth of 3,786 meters by the Ocean Ambassador. OGX holds 100 percent interest in the block.

Also on BM-C-41, OGX is currently working to commence an extended well test on the Waimea oil field, which will connect the development well to the FPSO OSX-1. Solidifying the poetential of the block, the Waimea well is expected to flow up to 40,000 barrels of oil a day.

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