OGX is believed to hold resources of 6.7 billion barrels. The company has previously said it has $4 billion in cash to devote to exploration projects. In the block where the discovery announced today was made, the company expects to extract as much as 2 billion barrels at the OGX-2 well and 500 million to 900 million barrels at the OGX-3 well, according to Bloomberg News.

OGX previously said it expects to recover 100 million to 200 million barrels from its OGX-4 well, also in the Campos Basin. The Campos Basin accounts for 85% of Brazil's oil production. Exploration efforts in Brazil have started to shift away from the Campos Basin as that field has matured to the country's sub-salt deposits.

OGX plans to drill 72 offshore wells and seven onshore wells over the next four years with plans for 27 wells this year, including 26 offshore. Earlier this week, OGX said it plans to list its shares on Brazil's Bovespa Index in an IPO that may raise as much as $4.1 billion making it the largest IPO in the world thus far in 2010.