The five acquired blocks constitute an area of 12500sqkm in onshore sedimentary basins at different stages of maturity and offer significant exploratory potential.
OGX has committed to a total investment of approximately $125m over the first three years for the initial exploratory period, which includes the acquisition of seismic data and the drilling of wells.
With this result, OGX’s portfolio has increased to 34 exploratory blocks, 12 of which are onshore and 22 offshore, totaling an area of approximately 41,000sqkm.
The formal awarding of the concessions by the National Agency of Hydrocarbons (ANH) is expected to occur in the coming days.
Paulo Mendonca, general executive officer of OGX, said: “OGX’s participation in this round represents an important step in the expansion of our exploratory efforts and was based on our belief that these high potential assets have characteristics that could lead to large discoveries.”
