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| Petronas Gains Brazilian Interests Through OGX Agreement |
Date: May. 2013
Type: Acreage Acquisition |
| Brazilian exploration and production company OGX reached an agreement to sell 40% of its interest in Campos Basin blocks BM-C-39 and BM-C-40 to Petronas for a reported $850 million with an effective date of May 1. Based on the agreement, Petronas will acquire an interest in the Tubarao Martelo oil field with its 285 million barrels of recoverable resources along with the Inga and Pero prospects which are all located within the two blocks. Production from Tubarao Martelo is expected to begin by the end of the year. The transaction is subject to approval by Brazil's National Petroleum, Natural Gas and Biofuels Agency and the Brazilian Council for Economic Defense. |
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| OGX Declares Waikiki Oil Field Commercial |
Date: Apr. 2012
Type: Status Update |
| OGX has declared the Waikiki oil field commercial, making it the company's first commercial declaration of an offshore oil discovery. The Waikiki field will be renamed Tubarao Martelo or Hammerhead Shark. The development plan for the oil field is being finalized and will be submitted to ANP soon. OGX estimates the field holds recoverable reserves of 285 million barrels of oil with production expected to start in the second half of 2013. |
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| OGX Places Order for Wellhead Platforms |
Date: Apr. 2012
Type: Development Activity |
| OGX has placed an order for the charter and construction of the Wellhead platforms 3 and 4, in addition to the already placed order for platforms 1 and 2 with Techint. WHPs 1 and 2 are scheduled for delivery in the first half of 2014 and are expected to be assigned to the Waimea and Waikiki fields offshore Brazil. |
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| Waimea, Waikiki to be Declared Commercial in 2012 |
Date: Mar. 2012
Type: Status Update |
| Dow Jones Newswires reported that OGX plans to declare the Waimea and Waikiki offshore oil fields commercial in 2012. The Waimea field, which came online in January, will be commercially declared in the second quarter; and Waikiki will also receive a similar declaration some time this year. The operator plans to submit a development plan for Waimea to Brazil's National Petroleum Agency, or ANP, in the second quarter. Upon approval, additional wells will be connected to the OSX-1 FPSO. Waimea is currently producing about 12,500 bopd from a single production well, with output expected to reach 40,000 to 50,000 bopd by the end of 2012. Increased output is set to come from two additional production wells that will be connected this year, with engineering studies underway to gauge the feasibility of adding a fourth production well. Furthermore, OGX plans to bring Waikiki online in 2013. The operator stated two FPSOs, OSX-2 and OSX-3, are about 30 percent complete and construction is continuing at a Singapore shipyard. |
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| GE to Supply Drilling and Production Equipment for Waimea, Waikiki Fields |
Date: Sep. 2011
Type: Status Update |
| OGX awarded GE O&G a contract to provide drilling and production equipment for three offshore fixed production platforms to be deployed in the Waimea and Waikiki oil and gas fields, in the Campos Basin, offshore Brazil. OGX plans to drill a number of production wells in the area. The contract, worth an estimated US $230 million over the next four years, is the largest contract ever signed between GE O&G and OGX, and is the first one involving the provision of equipment specifically for development projects already in the production phase. As part of the agreement, GE will provide a subsea template/tie-back design that will allow OGX to have full flexibility between wells pre-drilled with semisub rigs and wells drilled directly from the fixed platforms. This concept will help OGX to improve initial production from the fields by maximizing the use of the pre-drilled wells. The Waimea and Waikiki fields are located 37 miles (60 kilometers) off the coast of Rio de Janeiro in water depths ranging from 394 to 459 feet (120 to 140 meters). |
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| OGX Concludes Drilling at Waikiki HZ Well |
Date: Jun. 2011
Type: Operator Update |
| OGX completed horizontal well OGX-9-44HP-RJS (Waikiki Horizontal) and a drill-stem test, identifying excellent production conditions. OGX stated that these results confirm the company's initial expectations regarding the Waikiki accumulation and offers further tangible evidence of the development potential for this area. The information obtained from this well will allow the company to expedite the process for the declaration of commerciality for this area, ensuring the full implementation of their business plan. The horizontal well reached the carbonate reservoirs of the Albo-Cenomanian section of the Waikiki accumulation that was originally discovered through the drilling of the 1-OGX-25-RJS well on Dec. 8, 2010. A drill stem test confirmed production potential of 40,000 bopd with an oil gravity of nearly 23 degree API. OGX says that the quality and homogeneity of the limestone reservoir found in this region will allow efficient drainage of producer wells limited to a flow rate of 15,000 to 20,000 bopd, optimizing oil recovery. |
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| OGX Moves Forward with Development Plans in Waikiki Complex |
Date: Jun. 2011
Type: Operator Update |
| OGX announced development plans for its Waikiki Complex in the Campos Basin, located on Blocks BM-C-39 and BM-C-40. The company expects to have one FPSO, OSX-3, and one WHP, WHP-2, operating at this complex with production flowing through 22 development wells, including 14 production wells and 8 injection wells. OGX intends for the Waikiki Complex to produce at an average rate of 15-20,000 bopd with production beginning in the fourth quarter of 2013. OGX intends to pre-drill five horizontal production wells during 2012 and 2013 to establish a strong production ramp-up, prior to the anticipated arrivals of the WHP-2 in the second quarter of 2013 and OSX-3 in the third quarter of 2013. |
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| OGX Successfully Appraises Pipeline, Waikiki |
Date: Apr. 2011
Type: Appraisal Operations |
| OGX has encountered hydrocarbons in the Albian section of well 3-OGX-40D-RJS and in the Albian-Cenomanian section of well 3-OGX-41D-RJS, both appraisal wells from the Pipeline and Waikiki accumulations, respectively. The OGX-40 well found an oil column of nearly 669 feet (204 meters) with a net pay of about 351 feet (107 meters) in carbonate reservoirs in the Albian section. OGX-41 discovered an oil column of about 486 feet (148 meters) with a net pay of about 302 feet (92 meters), also in carbonate reservoirs in the Albian-Cenomanian section. OGX plans to submit evaluation plans for the Pipeline and Waikiki discoveries to ANP soon. The operator also noted that both wells are deviated and pilots for horizontal wells, in which drill-stem tests could be performed to verify the productivity of these areas. The OGX-40D well is located in the BM-C-41 block and is situated about 49 miles (79 kilometers) off the coast of the state of Rio de Janeiro at a water depth of 427 feet (130 meters). The Sea Explorer semisub initiated drilling activities there on March 28, 2011. The OGX-41D well is located in the BM-C-39 block and is located about 55 miles (89 kilometers) off the coast of the state of Rio de Janeiro at a water depth of 341 feet (104 meters). The Ocean Lexington semisub initiated drilling activities there on April 3, 2011. |
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| OGX Hits Pay in Waikiki Accumulation |
Date: Mar. 2011
Type: Appraisal Operations |
| OGX has found hydrocarbons in the Albian-Cenomanian section of well 3-OGX-35D-RJS, an appraisal well of the Waikiki accumulation which was initially discovered through the drilling of well 1-OGX-25. The oil column is nearly 518 feet (158 meters) with a net pay of about 262 feet (80 meters). The directional well was drilled to a depth of 7,874 feet (2,400 meters), and is a pilot well for the horizontal well that will be drilled in this accumulation. OGX drilled the OGX-35D well in the Waikiki structure to delineate the discovery, which presented features very similar to those of the wildcat well, confirming the extension of the reservoir, stated OGX. The operator commented that this discovery validates their geological model for the region and also highlights their progress towards the production phase in the northern Campos blocks. OGX-35D is located in the BM-C-39 block and is situated about 55 miles (89 kilometers) off the coast of Rio de Janeiro in a water depth of 341 feet (104 meters). The Ocean Lexington semisub commenced drilling of the well on Feb. 12, 2011. |
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| OGX Hits Additional Pay in Waikiki Prospect |
Date: Jan. 2011
Type: Drilling Operations |
| OGX found additional pay in the 1-OGX-25-RJS well on the Waikiki prospect, located in the Campos Basin on Block BM-C-39 offshore Brazil. Thus far, the well has identified a total column of about 650 feet (198 meters) and a total net pay of around 476 feet (145 meters) in the Albian-Cenomanian section, compared to 410 feet (125 meters) of column and 381 feet (116 meters) of net pay, as previously announced. The company noted, new studies, including logging and cable tests, also permitted the identification of hydrocarbons in sandstone reservoirs in the Eocene section, specifically a gas accumulation with a column of about 52 feet (16 meters) and a net pay of nearly 26 feet (8 meters). OGX has changed the name of the well to 6-OGX-27P-RJS with the drilling of the Albian section. Drilling will continue until a total estimated depth of 10,171 feet (3,100 meters) is reached. The Pride Venezuela semisub is drilling the well in a water depth of 344 feet (105 meters). |
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| OGX Strikes Oil Again in the Campos Basin |
Date: Dec. 2010
Type: New Discovery |
| OGX found hydrocarbons in the Albia-Cenomanian section of well 1-OGX-25-RJS on the Waikiki prospect. The well found an oil column of about 410 feet (125 meters) with nearly 381 feet (116 meters) of net pay in carbonate reservoirs. Drilling is still in progress, and the well is expected to reach a total depth of approximately 9,843 feet (3,000 meters). The OGX-25 well is located in Block BM-C-39 and is situated about 58 miles (94 kilometers) off the coast of Rio de Janeiro in a water depth of 344 feet (105 meters). The Pride Venezuela semisub is drilling the well. |