Brazilian oil firm OGX, controlled by industrial magnate Eike Batista, has declared a portion of the area it is exploring in the Waimea offshore prospect to be commercially viable.

That declaration was sent to the ANP oil regulator after a successful extended-well test at the OGX-26HP well, OGX said in a statement.

The company has estimated recoverable volume in that shallow area of the Waimea Complex at 110 million barrels of oil over the concession period's production phase.

That portion of Waimea will henceforth be known as Tubarão Azul and belongs to the BM-C-41 block, which is fully owned by OGX and located across from Rio de Janeiro state in the Campos basin, Brazil's most productive oil region.

The test performed at Tubarão Azul resulted in the extraction of an average of 11,000 barrels per day of crude in February and March and confirmed the deposit's excellent productivity, OGX said.

OGX is part of the EBX conglomerate, which also comprises electricity, mining, logistics, shipbuilding, port management and entertainment companies.

Batista, with an estimated fortune of $30 billion, is listed by Forbes magazine as the world's seventh-wealthiest individual.