Brazilian oil and gas company OGX has announced the discovery of between 500 million and 1.5 billion bbl of recoverable oil in shallow waters in the Campos Basin. OGX said Wednesday it had completed drilling one well to a depth of some 2,300 meters (7,700 feet) on Block BM-C-43. The company plans to move the rig used for the well to Block BM-C-41, where it will drill another well in late October.
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