OGX Petróleo e Gás Participações S.A. has successfully procured all of the critical elements necessary to initiate its exploratory campaign. Among the milestones reached are the implementation of a 3D seismic campaign, hiring of four semi-submersible drilling rigs, chartering of six vessels and two helicopters for logistical support, contracting of an onshore base, acquisition of all critical drilling materials to support exploration and the construction of a state-of-the-art 3D visualization center.

“OGX has assembled a world class team with a strong track record in the Brazilian oil and gas sector. Leveraging the experience, knowledge, and relationships within this group, we were able to secure equipment and develop the necessary infrastructure to support the initiation of our exploratory campaign. We have now procured the necessary equipment to begin the initial drilling in the Campos and Santos basins ahead of our projected schedule. Although we have accelerated our timeline, we have been able to control our costs, which in some cases are actually below budget,” commented Rodolfo Landim, CEO of OGX.

“Our unique portfolio encompasses approximately 7,000 km2 of offshore exploratory acreage in four Brazilian basins. We are effectively managing our business and plan to drill 51 wells in the next four years in order to prove our oil and gas reserves while developing our initial discoveries. With our solid financial position of over R$7.5 billion in cash, a well-documented risked resource profile of 4.8 billion barrels of oil equivalent and strong technical expertise, we are well on our way to achieving our goal of transforming these resources into proven reserves,” added Mr. Landim.

Tags: OGX Petróleo e Gás Participações S.A.