12-02-09 Brazilian oil and gas company OGX Petroleo e Gas Participacoes plans to invest $ 2 bn in the next four years to develop its 22 offshore blocks in the Campos, Espirito Santo, Para-Maranhao and Santos basins. The proceeds will come from the company's own resources. OGX ended 2008 with more than reais 8 bn ($ 3.5 bn) in cash flow.
"We have an obligation to drill at least 24 wells by 2012, but we intend to drill 51," OGX E&P director Paulo Mendonca told in Rio de Janeiro at the company headquarters.

"There are good indications our risked resource profile could top 4.8 bn boe. The company is on its way to transform those resources into proven reserves," he said.
"We're so sure we'll find oil in our blocks we're advancing our exploration program," company CEO Rodolfo Landim said.

Post-salt layer
Although OGX acquired high-profile pre-salt blocks in the ninth oil and gas licensing round in 2007, the company plans to focus its exploration in the post-salt layer.
"The pre-salt is a complement to our strategy because it's still an unknown area. We're betting heavily on the post-salt, especially in the Campos basin where most Brazilian production is located," Mendonca said. "We'll begin our campaign in Campos because the risk is lower than in Santos," the E&P director said.

OGX intends to start oil output in 2011.
"The worst-case scenario is the beginning of 2012. Time is money. We have no time to lose," according to Landim.