OGX says Tubarao Martelo field holds up to 108.5 MMbbl


OGX says Tubarao Martelo field holds up to 108.5 MMbbl


RIO DE JANEIRO (Bloomberg) -- OGX Petroleo & Gas Participacoes, the oil explorer controlled by former billionaire Eike Batista, said its Tubarao Martelo venture with Petroliam Nasional Bhd. holds as much as 108.5 MMboe.

The estimate includes proven, probable and possible reserves, or 3P, in the field off Rio de Janeiro’s coast in Brazil, OGX said in a regulatory filing, citing certification by DeGolyer & MacNaughton.

OGX is preparing to start production at Tubarao Martelo after an oil platform operated by its sister company OSX Brasil arrived this week.

Petronas, in May agreed to pay as much as $850 million for 40 % of the field, with part of the payment hinging on output. The first payment is hinging on pending regulatory approval.

The proven and probable reserves, or 2P, amount to 87.9 MMboe, OGX said. Revenue from the field in the coming two decades, based on proven, probable and possible reserves, may reach $11.2 billion, DeGolyer said in the report. Output next year may reach 6.2 MMbbl of oil, DeGolyer said.

In July, OGX said it would scrap development of three offshore fields because they weren’t commercially viable and that it may shut down its Tubarao Azul field next year. That would make Tubarao Martelo its only oil producing field.

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