Brazil's OGX announces oil discovery

09:57, May 25, 2010      

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Brazilian oil company OGX announced on Monday an oil discovery in shallow waters off the country's southeastern coast.

The company said it has identified gas and condensates in the Santonian section of its 1-OGX-11D-SPS well, in the Natal prospect. The well is located in the shallow waters of the Santos Basin, some 104 km off the Brazilian coast. The water depth in the area is of about 170 meters.

According to the company, the discovery marks the beginning of "a new cycle of important discoveries."

"This result both confirms the existence of an active petroleum system and demonstrates the soundness of our exploration philosophy and technical team's knowledge of the sedimentary basins that make up our portfolio," said OGX's Chief Executive Officer Paulo Mendonca.

According to OGX, the drilling in the Santonian sandstones is still in progress, and the OGX-11D well will be drilled up to a final depth of approximately 6,100 meters. Drilling in the well started in early April.

Source:Xinhua

(Editor:intern1)

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