OGX Petroleo e Gas Participacoes SA, Brazilian independent driller declared its Waikiki oil field commercial, its first commercial declaration of an offshore oil discovery.
To be renamed Tubarao Martelo or hammerhead shark, in following with the Brazilian custom of renaming producing oil fields after marine animals, the oil field development plan is being finalized to be submitted to Brazil’s National Petroleum Agency. Recoverable reserves are estimated at 285million barrels of oil and production is expected to begin in the second half of 2013.
The declaration of the commercial field continues OGX’s move from an exploration play into a full-fledged oil and natural-gas producer. The announcement marks the beginning of OGX’s commercial declarations in the Campos Basin, with the company expected to declare the Waimea field commercial in the second quarter. As part of a long-term well test, Waimea is currently producing about 11,000barrels of crude oil per day.