OREANDA-NEWS. December 23, 2011. OGX, the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in Brazil, and OSX, a private Brazilian corporation that provides equipment and services to the offshore oil and natural gas industry via integrated operations in naval construction, chartering of exploration and production units, and operating and maintenance services, announced that they have revised the time-table for the beginning of production to January 2012.

During the second half of 2011, OGX has focused on the execution process in preparation for first oil, from obtaining the necessary environmental licenses until the installation of the equipment that will connect the OGX-26HP well to the FPSO OSX-1. The intense work on part of OGX’s and OSX’s team in this process has enabled the installation of 10 piles from the mooring system, 10 chains, the middle water arch and the disconnectable turret buoy. In addition, OGX is finalizing the installation of the flexible lines, thus concluding important steps that precede the arrival of the FPSO OSX-1 to the Waimea accumulation. Further, OSX’s team has been working on an extensive and careful equipment and system testing program aboard the FPSO OSX-1, which is moored in the port of Rio de Janeiro, in order to ensure the beginning of production in accordance with our high safety standards.

The main milestones for the beginning of production are:

 (i) Dec. 25: Sail-away of the FPSO OSX-1 from the port of Rio de Janeiro

 (ii)Dec. 26: Final inspection on the FPSO OSX-1

 (iii)Jan. 7: Connection of the FPSO OSX-1 to the turret

 (iv)Jan. 23: FPSO OSX-1 ready and beginning of production