OGX spent US$588 million in the third quarter. Compared to the previous quarter, the Company had a slight increase given expenditures in its onshore operations (GTU final assembly and two additional rigs) and in the development of Tubarão Martelo and Tubarão Azul fields. The Company has begun to optimize and rationalize its expenses, mainly in exploration, while it moves towards the development phase. At the end of September, the Company returned one of its offshore rigs, which should impact the exploration capex in the first quarter of 2013.
Cash positionOGX maintains a solid cash position of approximately US$2.5 billion. Considering the fourth quarter operations, OGX expects to end 2012 with a cash position of approximately US$1.8–1.9 billion. CAMPOS BASIN
- Extended Well Test concluded in the Tubarão Azul Field (OGX-26HP)
- Total production of 856,800 boe in the quarter
- Delivery of one shipment of approximately 800,000 barrels to Shell in July
- Delivery of one shipment of approximately 800,000 barrels to Reliance Industries in October
- Receipt of environmental authorization from IBAMA to start drilling in the BM-C-37 and BM-C-38 blocks of the Campos Basin
- Commencement of drilling in Cozumel prospect, BM-C-37 block