OGX is the EBX Group company that operates in the exploration, production and trading of oil and natural gas. Created in 2007, the company has a portfolio of potential resources estimated at 10.8 billion barrels of oil equivalent (boe) and started its first oil production in January 2012.
OGX is the largest private sector company in the oil industry in Brazil, with 35 exploratory blocks located in some of the most promising sedimentary basins in Brazil (30 blocks) and Colombia (5 blocks). More than 80% of its portfolio is located in shallow water or on land, ideal conditions for the development of projects with rapid implementation and low cost, both for exploration and for production.
With a team with extensive industry experience, top quality equipment and strong cash availability, OGX has been able to carry out its ambitious business plan in record time. Unparalleled seismic data, professionals with expert knowledge and a set of eight drilling rigs operating in parallel culminated in a large-scale exploratory campaign and a rarely seen effectiveness – with a 90% success rate in the drilling activities performed. In just two years of exploratory activity, oil or gas was found in more than 50 of the wells drilled.
One of OGX’s main focus is the oil production, initiated in January 2012 in Waimea, in the Campos Basin. In the second half of 2012, the company will start its production of natural gas in the onshore basin of Parnaíba, where it has identified large accumulations. Until 2015, OGX expects to receive 10 large floating production and storage units (FPSOs) and 11 fixed platforms from OSX – the EBX Group company that focuses on the supply of equipment and services to the offshore oil and gas industry. Once operating, these equipment will produce 730 thousand barrels/day, making OGX the largest private sector oil producer in Brazil. The forecast for 2019 is to reach 1.4 million barrels/day.
Since it was founded in 2007, OGX has already invested more than R$ 7 billion in its activities in Brazil, which means that it is the main private investor in the oil and gas sector in the country.