OGX has discovered natural gas in the OGX-16 well, in the NP-T block 68, located in the Parnaíba basin in northern Brazil. OGX owns seven exploration blocks in the Parnaiba basin, with 20 other prospects for further natural gas discoveries which could hold as much as 15 trillion m3 of gas.
The company plans to drill eight more wells in the region, with the overall number of wells totalling at 15. The investments in the exploration blocks are expected to cost between R$600 million and R$700 million.
To find out more about OXG please visit OXG's web site, which you can find here.
For more news and expert analysis about Brazil, please see Brazil Focus.
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