|
|
Article: Brazil: OGX to Drill More Wells After Raising Oil Estimates.
- Article from:
- TendersInfo
- Article date:
- November 12, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: manish03
OGX Petroleo e Gas Participacoes SA, the oil company controlled by billionaire Eike Batista, said it will drill more wells in Brazil than previously announced after it boosted potential reserve estimates.
OGX will drill 79 wells in the five years through 2013, a 55 percent increase over previous plans, Chief Financial Officer Marcelo Torres said today in a conference call with investors and analysts. The Rio de Janeiro-based company s target for 2010 was increased to 27 wells from 19, he said.
The revision was required, in our view, to convert our resources into reserves, he said.
OGX said yesterday it may have ...