Brazil oil company OGX expands drilling plans

* OGX to drill 87 wells by 2013, up from 51

* To begin Brazil oil production in 2011

RIO DE JANEIRO, Oct 14 (BestGrowthStock) – Brazilian oil and gas
start-up OGX (OGXP3.SA: ) has increased the number of wells it
plans to drill in Brazil by 2013 to 87 from 51, a company
official said on Thursday.

“We’ve increased the number of wells because of the
opportunities presented by new seismic discoveries,” said
Marcelo Torres, the company’s finance director, during a
meeting with analysts.

OGX, which has not yet started oil production, has drilled
22 wells to date throughout Brazil and has made 15 oil
discoveries in the Campos Basin off the coast of Rio de
Janeiro. It expects to begin production in Brazil in 2011.

The company also plans to begin producing in Colombia in
2011 from five exploratory blocks it recently won in an auction
there.

“The Colombian blocks have excellent potential; you can
expect large discoveries there,” said exploration and
production director Paulo Mendonca.

OGX, controlled by Brazilian billionaire industrial magnate
Eike Batista, is in the process of selling stakes in some of
its Campos Basin blocks for as much as $7 billion.
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(Reporting by Denise Luna, editing by Gerald E. McCormick)

Brazil oil company OGX expands drilling plans