On 8th August last, IBAMA (The Brazilian Institute for the Environment and Renewable Natural Resources), granted the installation license (“LI”) for activities related to the Development of Production and Transporting of Oil in blocks BM-C-39 and BM-C 40, in the Campos Basin. These blocks contain the Tubarao Martelo and Remora fields, and are located approximately 95 km from the Brazilian coast, in water depths of approximately 110 meters. The Tubarao Martelo field will be developed using the FPSO OSX-3 and production start-up is forecast for the end of this year.
Recently OGX signed a contract with PETRONAS Brasil E&P Ltda (“Petronas”) regarding the sale of a 40% share, with OGX continuing as the operator for the BM-C-39 and BM-C-40 concessions. This deal is subject to approval by the ANP (National Agency for Oil, Natural Gas and Biofuels) and by CADE (the Brazilian Monopolies Commission).
OGX also received the Prior License on August 2nd last, which certifies the environmental feasibility of the project submitted for the blocks, approving the location and conceptual framework as described in OGX’s environmental impact study.
The installation license LI is conditional on the implementation of environmental projects, the authorization of vessels for installation activities for production, possible requests from the environmental agency and environmental compensation allocated for the project.
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