OGX Raises Campos Basin Bet

Brazilian oil company OGX has bought an additional 20% stake in the BM-C-37 and BM-C-38 blocks in the offshore Campos basin, from Maersk oil, it says. With the purchase, the terms of which were not disclosed, the company owned by Brazilian billionaire Eike Batista increases its stake in those wells to 70% and becomes the operator. Maersk will hold the remaining 30% interest in the blocks. Officials at OGX say the deal is a farm-in agreement with an upfront fee and a fixed invested amount that should help fund additional exploration in the area but no additional information is available. The partners have one more year before their exploratory license in the Campos basin expires and they plan to continue to intensify the exploration campaign over the coming months. The latest purchase by OGX makes the company directly responsible for drilling 6 wells in those two blocks in the Campos, an area that alone accounts for more than 75% of oil production in Brazil.