Brazil reaches the 21st century as one of the few countries in the world which still has potential for major discoveries of oil and gas reserves. Subjected to a monopoly which lasted almost five decades, until 1997, Brazil has seen many changes with important advances over the past few years – right at the time when the international oil market was moving into a new and prolonged cycle of high demand, driven mainly by growth in the Asian economies.
With financial resources and one of the best technical teams in the private sector, OGX assumed a position of leadership at a decisive moment in the oil industry. It bought 21 blocks in the 9th bidding round held by the National Petroleum Agency (ANP) in November 2007, in the Campos, Santos, Espírito Santo and Pará-Maranhão Basins, and in the following years added 13 other onshore blocks – five of them located in Colombia and eight other in the Parnaíba basin, in the interior of the state of Maranhão.
The exploratory campaign was uniquely efficient. In approximately three years, the company hired 10 drilling rigs, and drilled more than 100 wells, with a exploratory success rate around 80%.
The company is now focusing on delimiting the size of the discoveries already made, exploring new areas and initiating production in the reservoirs with greatest production potential.