This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

GTU Plant View

“2012 was a year of both significant achievements and major challenges for OGX. Only four years after its creation, OGX hit a historical milestone in 2012 as it initiated oil production in the Tubarão Azul Field, in the Campos basin. Over the course of the year, we achieved total delivery of 2.4 million barrels from Tubarão Azul, posting revenues for the first time of R$325 million. Building on this in early 2013, we continue to develop with great efficiency the Tubarão Martelo Field, also in the Campos Basin, where we have already drilled and made the lower completion of six production wells, and we also began commercial gas production in the Gavião Real Field, in the Parnaíba Basin, in January 2013.

Alongside these great successes, OGX faced some important challenges. Production levels in the first two producing wells in Tubarão Azul (OGX-26HP and OGX-68HP) stabilized in 2012 at a rate of 5,000 barrels of oil equivalent per day. In January 2013, we connected our third production well in Tubarão Azul, TBAZ-1HP. After roughly three months of production, TBAZ-1HP has not stabilized yet, while the first two wells are jointly producing slightly below an average of 10,000 barrels of oil equivalent per day. We remain absolutely focused on optimizing the total recoverable volume of the field in accordance with industry best practices, but also acknowledge that our estimated volume of recoverable barrels in the field should be reduced.

In parallel to the development of our fields, we made further advances in our exploration campaign, resulting in important oil discoveries such as Tulum and Viedma, also in the Campos Basin. We recently declared three more fields commercial: Tubarão Tigre and Tubarão Gato in the Pipeline accumulation and Tubarão Areia in the Fuji-Illimani accumulation, and we continue our studies on how to best develop them. We also submitted new Discovery Evaluation Plans (PAD) for other accumulations in the Campos and Santos basins, aiming to retain these areas for additional studies and analysis. In our onshore activities, we declared commercial the Bom Jesus accumulation (Gavião Branco Field), in the Parnaíba Basin. Furthermore, we acquired a stake in Block BS-4, in Santos Basin, demonstrating our awareness of accretive business opportunities in Brazil, which we believe will contribute to the growth of our portfolio in the near future.

2 of 17

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs