OGX defines the level of production per well in the Field of Blue Shark

abarrelfullabarrelfull wrote on 27 Jun 2012 07:47
Tags: brazil ogx s-america upstream

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The OGX Petroleo e Gas Participacoes SA ("OGX") (Bovespa: OGXP3, OTC: OGXPY.PK), a Brazilian company of oil and natural gas accounts for the largest private sector exploratory campaign in Brazil announced today that after nearly five months of operation of test (EWT) in the Field of Blue Shark (prior accumulation of Waimea), whose development plan was filed on June 1, 2012 the National Agency for Oil, Gas Natural and Biofuels (ANP) has defined the ideal flow of 5,000 barrels of oil equivalent per day per well for the first two wells at this early stage, still without water injection.

Since the beginning of the TLD, the OGX OGX-26HP-68HP and were tested with flow rates ranging from 4 to 18 thousand barrels of oil equivalent per day ensuring a better understanding of the reservoir model and indicating the need for replacement of centrifugal pump submerged of OGX-26HP by a pump of different characteristics in order to adjust the capacity of the pump optimum flow well.

During the past five days, during the arrest of OGX-26 to replace the pump, the OSX-1 has shown production of 7.4 million barrels of oil equivalent per day in the OGX-68 and has maintained satisfactory levels of pressure in the vessel.

Over the next 12 months, more than two producing wells and two water injection wells will be connected to the FPSO OSX-1, so as to gradually increase the production of oil field Blue Shark. In addition to water injection, we use technology and other hydraulic fracturing chemicals known in the petroleum industry to optimize production.

OGX remains confident in the recovery of 110 million barrels of oil equivalent Field of Blue Shark especially because during the TLD were also identified natural fractures connecting the OGX-26 and OGX-68.

"All these decisions have been taken to ensure the Field of Blue Shark and a sustainable exploitation in accordance with industry best practices," commented Paulo Mendonça, CEO of OGX.

With regard to future projects to come into operation, the Company advises that the production units already contracted, FPSOs OSX and OSX-2-3, which are at an advanced stage of construction in Singapore, have their arrival in Brazil and early production expected for the second half of 2013.

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