OGX’s commercial area works actively on introducing the company and its Waimea oil to the major oil refiners, traders and oil groups around the world. With 20° API oil, Waimea oil has an intermediate classification on the international density scale, but outstands because of its low acidity level and low content of contaminants. In a context of increasing adaptation by refineries for the processing of heavier oils, the characteristics of Waimea oil are considered extremely attractive, and the product is being well received by the international market.
The processing capability of FPSO OSX-1, up to 60 thousand barrels/day, combined with the strategic location of the Waimea accumulation on the Brazilian coast, ensure economies of scale for supply and easy access to key refining centers round the world such as South America, the United States, Europe and Asia.
With a team that has wide experience in the international oil market, OGX is beginning its marketing phase with in-depth knowledge, which will prove essential for making strategic decisions regarding the placement of production and an understanding of developments in the international oil and gas markets.
Even before the beginning of production in Waimea, OGX has signed a commercialization agreement with Shell Western Supply and Trading Ltd to sell its first oil production. A total volume of 1.2 million barrels was negotiated and will be shipped in two batches of 600,000 barrels each of which Shell intends to process in one of its refineries.
The sale of OGX’s first oil production to a major oil company demonstrates the quality of the oil discovered by OGX and also the execution capability of the company’s exploration, production and commercialization teams.