Rio de Janeiro (Platts)--21Oct2014
Financially troubled Brazilian oil producer Oleo e Gas Participacoes, or OGPar, expects output from its flagship Tubarao Martelo field to peak at about 30,000 b/d in 2016, the company said Tuesday.
OGPar, formerly known as OGX, will invest $200 million-$500 million at the field over the next few years to drill two additional production wells and three injection wells at Tubarao Martelo, OGPar said. The new wells are expected to increase production at Tubarao Martelo to an average of about 25,000 b/d in 2016, up from output of 17,508 b/d in September.
OGPar currently pumps oil from four wells at Tubarao Martelo, with the fourth well starting output on September 4.
Tubarao Martelo holds proved and probable reserves of 78.5 million barrels, according to a recent report by certification firm DeGolyer and MacNaugton. Proved reserves have a 90% chance of being produced, while probable reserves have a 50% chance of recovery.