SAO PAULO (Dow Jones)--Brazil's largest private oil and gas development company, OGX Oil and Gas (OGXP3.BR), said in a statement Tuesday that a recent find in Brazil's Campos offshore basin contains between one billion and two billion barrels of recoverable crude-oil reserves.
The company said the reserves are located in an offshore block called BM-C-41. Earlier this month, OGX released a statement saying it had found evidence of crude-oil reserves in the block. Tuesday, the company confirmed seismic and other tests leading to its estimate of one to two billion barrels of recoverable reserves.
OGX holds a 100% interest in the block.
The company said it located oil in five different reservoirs. The statement said the reserves include "high quality carbonate reservoirs. Preliminary analysis indicates lighter oil in the deeper reservoirs."
The company said the latest evidence of reserves "confirms the vast oil potential of the southern part of the Campos Basin, which we believe will become a major oil producing region of Brazil."