OGX Petróleo e Gás Participações S.A. (OGX)), received the Installation License to begin activities related to the development of oil production in BM-C-39 and BM-C-40 blocks, in the Campos Basin. The license was granted by the Brazilian Institute for Environment and Renewable Natural Resources (IBAMA) on August 9, 2013.
The blocks BM-C-39 and BM-C-40 comprise the Tubarão Martelo and Rêmora fields and are located about 95 km off the Brazilian coast at a water depth of around 110 m. The Tubarão Martelo Field will be developed with FPSO OSX-3, which is on its way to Brazil and has delivery expected for Q3 2013, and its production start-up is estimated for the end of the year.
OGX recently entered into an agreement with Petronas Brasil E&P Ltda. (Petronas) to sell a 40% non-operating work interest in BM-C-39 and BM-C-40 blocks. The transaction is subject to approval from Brazil’s National Petroleum, Natural Gas and Biofuels Agency (ANP) and the Brazilian Council for Economic Defense (CADE).