With a strong portfolio of assets, planned capex of US$1.3 billion in 2013, a team of experienced and energetic professionals and opportunities to reshuffle our base through asset divestment, acquisition of new assets and strong partnerships, OGX is fully prepared to address the challenges ahead as we continue to develop our business."



OGX’s production activities are progressing:
  • Attained total production volume of 3.2 million barrels of oil in the Tubarão Azul Field (Campos Basin) in 2012 (907 thousand barrels of oil in 4Q12, 9.6% higher than the previous quarter)
  • Sale of 2.4 million barrels of oil in 2012, distributed in four different cargos
  • Sale of 1.2 million barrels of oil in 2013, distributed in two cargos
  • Third production well in the Tubarão Azul Field (Campos Basin), TBAZ-1HP, was connected to FPSO OSX-1 and commenced production on January 4, 2013
  • Drilled and made the lower completion of six production wells in the Tubarão Martelo Field (Campos Basin). The first well is projected to come on-stream late 2013 after the arrival of FPSO OSX-3
  • Final stage of reservoir engineering for FPSO OSX-2 installation, with delivery scheduled for 2H13
  • Concluded the drilling and completion of all 16 production wells planned for the Gavião Real Field (Parnaíba Basin), which are now in the process of connecting to the Gas Treatment Unit (GTU)
  • Achieved first gas production at the end of November 2012 with the commissioning of the Gas Treatment Unit (GTU) in the Gavião Real Field
  • Average net gas production of 3.2 kboepd and 5.5 kboepd in January and February 2013, respectively, in the Gavião Real Field


OGX continued its successful exploratory campaign in the fourth quarter.
  • Presented Declaration of Commerciality for the Pipeline, Fuji and Illimani accumulations to the National Petroleum, Natural Gas and Biofuels Agency (ANP). The fields will be named Tubarão Gato, Tubarão Tigre and Tubarão Areia, with total estimated volume of oil in place of 823 million barrels of oil (P50)
  • Presented Declaration of Commerciality for the Gavião Branco Field (formerly the Bom Jesus accumulation) to the ANP. OGX estimates a total volume in place between 0.2 and 0.5 Tcf of gas for this field
  • Submission of Discovery Evaluation Plans (PADs) to the ANP for Vesúvio, Viedma, Tulum and Itacoatiara accumulations in the Campos Basin and for Curitiba, Belém and Natal accumulations in the Santos Basin
  • Submitted the winning bid for a block in the Lower Magdalena Valley Basin upon participating in Colombia’s National Agency of Hydrocarbonates (ANH) auction
  • Obtained Operator A qualification from the ANP, allowing OGX to operate blocks in deep waters and ultra-deep waters, in addition to shallow waters and onshore

  • Agreement with Petrobras to acquire a 40% participating interest in Block BS-4, located in the Santos Basin in November 2012
  • Eike Batista, controlling shareholder of OGX, granted the Company in October 2012 an option to require him to purchase up to US$1.0 billion of new common shares of OGX at a price of R$6.30 per share, conditional upon the Company’s additional capital requirement and the absence of more favorable alternatives
  • Issuance of Senior Unsecured Notes with a ten year term for US$1.063 billion in March 2012
  • Secured R$600 million bridge loan through its subsidiary OGX Maranhão for the development of the Gavião Real and Gavião Azul fields in January 2012
  • New senior management team with extensive experience put in place under Luiz Carneiro, who joined OGX in June, 2012, as the company turns the corner from explorer to producer


Drilling of exploratory wells and current field development

With the end of the exploration concession periods for the Campos and Santos Basins, the Company aims to obtain an extension for the areas which we believe have great potential.