Brazilian independent OGPar (Óleo e Gás Participações SA), formerly known as OGX, started production on the third well in the Tubarão Martelo field, 58mi off Rio de Janiero, the company announced on 3 July 2014.
The well, TBMT-2HP, is located in the field, which comprises blocks BM-C-39 and BM-C-40. Operations on a fourth well will commence after its upper completion, OGPar said.
OGPar is the new company created following OGX's bankruptcy declaration filed last October. The name change came in December at the same time production began at the Tubarão Martelo field.
Under a new restructuring plan, OGX founder Eike Batista will see a reduced stake in the new company (from 50% down to just 5%) under the plan, which was ratified in June. OGX's bondholders will now become OGPar's largest shareholders, according to the Wall Street Journal.
"The company emphasizes that the expansion of Tubarão Martelo is another important step in their completed activities, contributing to their financial viability and recovery, as well as to the success of its restructuring," OGPar said.
In May, OGPar announced Tubarão Martelo hit a production milestone of 2MMbbl of oil produced since startup in December. The field is produced through the OSX-3, a FPSO with 1.3MMbbl storage capacity.
Image: OSX-3/Modec
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