OGX & Shell Sign Commercialization Agreement for Waimea Oil

Source: www.gulfoilandgas.com 10/6/2011, Location: South America

OGX, the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in Brazil, announced that on October 6, 2011 it has signed a commercialization agreement with Shell Western Supply and Trading Ltd for the sale of first two shipments of oil from the Waimea accumulation, in block BM-C-41, in the shallow waters of the Campos Basin. OGX has a 100% interest in this block.

“The sale of our first oil production to a major oil company like Shell, not only demonstrates the quality of the oil discovered by OGX, but also the execution capability of the company’s exploration, production and commercialization teams. This partnership with a global company that has a 98 year history in Brazil reflects our willingness to work closely with institutions that are also committed to the future of the country," said Eike F. Batista, Chairman of EBX.

A total volume of 1.2 million barrels will be sold. This oil will be shipped in two batches of 600,000 barrels each of which Shell intends to process in one of its refineries. The Waimea oil, which has 20° API, will be produced by the FPSO OSX-1 through an Extended Well Test (EWT) in well OGX-26HP in the Campos Basin.

Shell and OGX have also signed a Letter of Intent to pursue opportunities in the sale and purchase of crude oil, natural gas, shipping logistics and new business development.

The Waimea accumulation is located in the BM-C-41 block and is situated approximately 84 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 135 meters.


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