OGX Starts Drilling 3rd Well
Nov. 17 (Bloomberg) -- OGX Petroleo & Gas Participacoes SA, the oil company controlled by billionaire Eike Batista, started drilling a third well in Brazil’s Campos Basin yesterday.
The 1-OGX-3-RJS well in the BM-C-41 block is about 77 kilometers (48 miles) off the coast of the Brazilian state of Rio de Janeiro and is fully owned by OGX, the company said today in a regulatory filing. OGX said it expects to finish drilling within 60 days.
The Rio de Janeiro-based company announced yesterday it found an estimated 400 million to 500 million barrels of recoverable oil in the 1-OGX-2A-RJS well in the same block. Another block, BM-C-43, may hold 500 million to 1.5 billion barrels, the company said last month.
Chief Financial Officer Marcelo Torres said earlier this month that the company will drill more wells than previously announced after it raised its reserve estimates. OGX plans to drill 79 wells in the five years through 2013, he said. The company has potential crude resources of 6.7 billion barrels.
By Helder Marinho and Laura Price
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