OGX in local press. Starts as 12th company in market value. Bigger than:
Eletrobras, Santander do Brasil, telemar norte-leste, telesp gerdau metalurgica, redecard.
Above OGX are: PBR, Vale, Bradesco, Itau, Banco do Brasil, Ambev,CSN, Gerdau, Itau Holding, Usiminas..
The blocks OGX holds were cherry picked by who understand about that.
A few ex-PBR heavy weights, all with 20 years plus with PBR. Came attracted by the high salaries Batista offered.
Former director of exploration and production Paulo Mendonca,
Rodolfo Landim former president of Petrobras Distribuidora
Former PBR president Francisco Gros
Nelson Guitti former finance director of Petrobras Distribuidora
OGX plans to slowly and steadily poach PBR people as they go along
In Campos Basin, where 80% of Brazil's oil comes from, OGX has 7 blocks. All conveniently located just beside blocks producing. Like Polvo operated by Devon Energy.
In Campos OGX plans to be producing by 2011. Other basins by 2014-2015 with big increment after 2016.
According to DeGolyer & McNaughton potential OGX oil is 4.835 billion BOE. Almost 1/2 of PBR 11.4 billion BOE.
OGX also have blocks in Para-Maranhao new frontier, which has geologic structure similar to that of Ghana where important discoveries have been done recently.
Source O Globo in Portuguese |
