OGX and Shell Sign Commercialization Agreement for Waimea Oil
OREANDA-NEWS. October 7, 2011. OGX, the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in
“The sale of our first oil production to a major oil company like Shell, not only demonstrates the quality of the oil discovered by OGX, but also the execution capability of the company’s exploration, production and commercialization teams. This partnership with a global company that has a 98 year history in
A total volume of 1.2 million barrels will be sold. This oil will be shipped in two batches of 600,000 barrels each of which Shell intends to process in one of its refineries. The Waimea oil, which has 20° API, will be produced by the FPSO OSX-1 through an Extended Well Test (EWT) in well OGX-26HP in the
Shell and OGX have also signed a Letter of Intent to pursue opportunities in the sale and purchase of crude oil, natural gas, shipping logistics and new business development.
The Waimea accumulation is located in the BM-C-41 block and is situated approximately
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