[QI, May 10, 2013 Transcript] [ Presentation]
From a production point of view, OGX also improved its performance with the beginning of commercial gas production at the Gavião Real Field in the Parnaíba Basin, where we reached a production of 4 million cubic meters per day equivalent to 25,000 barrels of oil equivalent per day and this production volume at the Tubarão Azul Field in Campos Basin risen by 5.1% over the previous quarter.
At the same time, we considered to make important advances in our exploration campaign. Four fields were declared commercial, Tubarão Tigre, Tubarão Gato, and Tubarão Areia in the Campos Basin and Gavião Branco in Parnaíba Basin. We have also submitted new discoveries evaluation plans for other accumulations in the Campos and Santos Basin’s and maybe further oil and gas coverage in the Campos and Parnaíba Basin’s.
Despite these positive achievements, the first quarter of 2013 was a challenging one for OGX as operational uses led to production stoppage at three wells in Tubarão Azul Field. We continue to analyze the reservoir behavior as well as the impact on total estimated recoverable value.
Finally, let me highlight a very important announcement this week of a strategic partnership with Petronas in Malaysia, oil major to jointly exploit two blocks in the Campos Basin which included Tubarão Martelo Field and the Peró and Ingá accumulations. Petronas will acquire 40% stake in two blocks, BM-C-39 and BM-C-40, for a total amount US$850 million. The partnership with Petronas demonstrates the quality and attractiveness of our asset segment, our cash flow and secures additional funding to continue developing of our portfolio and pursuing new growth opportunities. Together with Petronas, OGX will move forward with development of the Tubarão Martelo Field as well as the accumulations of their oil and gas.