SAO PAULO -(Dow Jones)- OGX Petroleo & Gas Participacoes (OGXPY, OGXP3.BR), the oil producer controlled by Brazilian billionaire Eike Batista, expects to produce 60,000 barrels of oil equivalent a day next year, Batista said Tuesday.
OGX will begin production in September from its offshore oil fields, Batista said in Rio de Janeiro. Production will ramp up to 1.4 million barrels a day in 2020, Batista said. He was in Rio announcing the launch of the BRIX exchange, a platform for trading electricity that will eventually expand to trading oil and other forms of energy.
OGX is expected to announce new reserve estimates on Friday. The report is being completed by DeGolyer and MacNaughton.
The company said last month that it expects to produce its first oil from the Waimea prospect in the third quarter. All the production equipment has been purchased, and an extended-well test has been approved by local regulators, the company said on March 28 after reporting quarterly earnings.
The well is expected to initially produce about 20,000 barrels of oil per day, although testing showed a capacity of at least 40,000 barrels a day, OGX said.
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