OGX: Gaviao Branco holds up to .5 TCF

Gaviao Branco: OGX releases new resource estimate

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Kathrine Schmidt

 23 January 2013 17:50 GMT

OGX on Wednesday said its newly christened Gaviao Branco field in Brazil’s onshore Parnaiba basin could contain between .2 trillion cubic feet and .5 tcf of natural gas.

The area, previously called the Bom Jesus accumulation, is the third in the area that the Brazilian independent has declared as commercial.

Brazil oil regulator ANP disclosed the declaration earlier this week, made on 6 December.

"This declaration of commerciality is the result of a well-executed campaign in the Parnaiba basin and demonstrates that we are continuing to advance in new areas of our projects," OGX president Luiz Carneiro said in a statement.

Joint-venture operator OGX Maranhao, owned 66% by OGX and 33% by sister mining company MPX, holds a 70% stake in the…

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