- average production of offshore oil wells: 4.9kbpd per well with inclusion of third well
- additive 3.2 kbpd oil equivalent production (net OGX) for 12 days of onshore gas at GaviãoReal Field
- OGX-106 BM-C-37 Cancun under way
- more onshore (gas) wells under way
RIO DE JANEIRO--Brazilian independent oil producer OGX Petroleo e Gas Participacoes SA (OGXP3.BR, OGXPY) said Monday that production jumped in January as two new wells came onstream during the month, although output still remains below the company's initial expectations.
OGX produced an average 16,400 barrels of oil equivalent, or BOE, in January, according to a company presentation. OGX's output included 3,200 BOE per day from the Gaviao Real natural gas field, which started commercial output in January, and 13,200 BOE per day from the offshore Waimea complex. OGX produced 10,100 BOE per day in December.
OGX has struggled to boost output at the Waimea complex, the company's first producing oil field in Brazil's offshore Campos Basin. OGX had expected to produce at least 40,000 barrels of crude per day by the end of 2012.
The disappointing output levels at Waimea have undercut OGX's shares since mid-year and created doubt about billionaire Brazilian businessman Eike Batista's ability to deliver on his development plans. Mr. Batista took a series of companies public in the late 2000s, with many of the companies still in the pre-operational stage.
In January, OGX started production from a third well at the Tubarao Azul, or "Blue Shark," field. Output from the complex is expected to reach between 20,000 and 25,000 barrels per day, according to industry analysts.
OGX shares traded 2.4% lower at BRL4.05 in Sao Paulo as of 1315 GMT.