OREANDA-NEWS. September 15, 2011. OGX Maranhao, a company that results from a joint venture between OGX and MPX, acquired a 50% stake in the onshore exploration block PN-T-102 in the Parnaiba basin, in a central area of the state of Maranhao.  The approval issued to this acquisition was posted on the website of the National Oil, Natural Gas and Biofuel Agency (ANP) on September 8, 2011.  The 50% stake was purchased from Imetame Energia S.A., DELP Engenharia Mecanica Ltda. and Orteng Equipamentos e Sistemas Ltda. that will keep interests of respectively 16.67%, 16.665% and 16.665% in the block.  OGX Maranhao is now block operator in association with this consortium of companies that has already been working with good results in various Brazilian basins.

“This acquisition reflects our interest in expanding our operations in the Parnaiba basin after several exploration wells were successfully drilled. It also reinforces our position in the region because of the possible synergies with the discoveries that are now being developed”, OGX General and Exploration Director Paulo Mendonca, said. In consideration for the acquisition, the consortium will be paid an amount equivalent to the subscription bonus and compensated for expenses already incurred, and OGX will take upon itself all the exploration commitments. Because of this additional concession, OGX Maranhao has secured stakes in 8 onshore exploration blocks extending over an area of 24,500 km? in the Paranaiba basin. OGX Maranhao is planning to start the seismic surveys in this block in just a few weeks.

“This deal adds strength to  our successful strategy of developing integrated  natural gas exploration and power production, generating additional opportunities to expand our operations at the  Parnaiba basin, where we have already reached excellent exploration results”, MPX CEO Eduardo Karrer reported. The natural gas coming from these blocks will meet the needs of the MPX 3,722 MW power system that has already been issued the required environmental license. MPX executed contracts aiming at the implementation of 1,175 MW, with 675 MW planned for 2013 and 500 MW for 2014.

Right now we have two drilling rigs and two seismic survey teams in place representing a headcount of over 1,000 in the region.  A third onshore drilling rig has also been contracted and the first production well was started in the Gaviao Real field that is planned for start-up in the second semester of 2012.