OGX May output climbs to 18,200 Bpd

6/6/2013

OGX May output climbs to 18,200 Bpd

BY PAULO WINTERSTEIN

SAO PAULO -- OGX said that production of oil and gas in May climbed to 18,200 Bpd, recovering from April when the company was forced to repair equipment at its offshore field.

OGX said production at the Tubarao Azul offshore field last month reached a daily average of 6,800 Boe, up from 1,800 Boepd in April. Still, output is still below the daily averages of 8,300 Boe in March and 11,300 Boe in February.

In March, the firm shut down two of the three production wells at Tubarao Azul for repairs to underwater pumps. CFO Roberto Monteiro said May 10 that technical issues at Tubarao Azul have forced the company to put on hold plans for a fourth production well and water injection. Water injection involves pumping water back into the oil reservoir in an attempt to increase pressure and boost production.

The company said that the OGX 68HP well, for which repairs were expected to be completed mid May, did indeed resume operations last month, but for only 11 days. The TBAZ-1HP well is still not operating, and OGX said it is unsure when repairs on the well will be carried out.

Production at the company's Gaviao Real field, meanwhile, slipped from April. In May, average daily output was 3.9 MMcmpd, down from 4.1 MMcmpd produced in April.

Dow Jones Newswires

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