OGX Finds Hydrocarbons in Albiano Field

30 November 2009 (Last Updated November 30th, 2009 18:30)

Brazil's OGX Petroleo e Gas Participacoes (OGX) has found crude for a second time at its BM-C-41 Block in the Campos Basin. OGX said its 1-OGX-2A-RJS well block in the Albiano field, about 77km from the Rio de Janeiro coast, showed the presence of hydrocarbons. The Brazilian oil and gas

Brazil's OGX Petroleo e Gas Participacoes (OGX) has found crude for a second time at its BM-C-41 Block in the Campos Basin. OGX said its 1-OGX-2A-RJS well block in the Albiano field, about 77km from the Rio de Janeiro coast, showed the presence of hydrocarbons.

The Brazilian oil and gas company owns 100% interest in the block.

OGX said that after drilling, a 250-metre oil column with over 100 metres of net pay, which is the reservoir's thickness, was discovered. OGX chief executive Paulo Mendonca was quoted by Dow Jones as saying the find exceeded company expectations.

“The identification of a very expressive oil-bearing column of high-quality carbonate reservoirs in the Albian section exceeded our expectations," he said.

Exploration work on the well will continue up to a 3,425 metres depth, the company stated.

In mid-November, the company said it found 400m-500m barrels of recoverable oil in the OGX-2A well.