Teeing off two hours before the leader, Ogilvy lit up Royal Sydney firing 8-under 64 to be 11-under the card after three rounds.
His bogey free round has him in a great position to win his second Australian Open, a tournament he describes as his fifth major.
"To be honest, I didn't really see 64 on the first tee, but after going out so well on the front 9 I kind of started seeing a score like that; so it was nice," said Ogilvy.
"I'm back in the mix. But right now if you told me I was going to be 11-under after three rounds this morning I would have been taking it pretty quickly.
"It's the Australian Open. It's our fifth biggest tournament I would say, in the world after the Majors.
"It's fun to come back and play. It really does feel like a big tournament for most of us, I think."
However if Ogilvy hopes to be holding the Stonehaven Cup tomorrow afternoon he will have to maintain his position with Aaron Baddeley, Jordan Spieth and Ryan Fox all sitting tied second.
Spieth wasn't impressed with his round, however the World Number 5 still managed to fire 4-under 68.
"After being 1-over through the first five holes and really being all over the golf course, I really could have been 3 or 4-over at that point," said Speith.
"I turned it around into a 4-under round; so I'm very pleased with being at 9-under right this second.
"I don't know if 3-under gets the job done tomorrow. I mean, it's Geoff and there's going to be a couple of others with Aaron and Ryan Fox close by.
"Someone may shoot 5 or 6-under, so I may need to go lower tomorrow, but certainly in contention; in good position."
Drawing on memories of his 1999 Australian Open victory, Baddeley is happy to be in contention once again on the Royal Sydney layout.
"I have so many good memories here, lots of good shots and putts made," said Baddeley.
"It definitely helps when you go back to a course where you have played so well at, coming back here makes it pretty special."
Looking forward to his Sunday pairing is Ryan Fox. The 29-year-old New Zealander will play alongside Spieth in the final round.
"I'm really excited. I've heard he's a great guy to play with. He's obviously a world class player and I'm looking forward to seeing how he goes about his business on Sunday, " said Fox.
"Hopefully I can learn a bit from him and hopefully do myself justice and still be up there come tomorrow afternoon.
"But you look at the guys up near the top, there's three Major winners and proven PGA Tour winners and I'm definitely the underdog out there.
"I've got nothing to lose. I may as well give it a run and see what happens."
Rod Pampling is outright 5th on 8-under the card while Jake Higginbottom, Jason Scrivener, Lucas Herbert, Adam Scott and James Nitties round out the top-10 on 7-under the card.
The final round of the Emirates Australian Open tees off at 7.33am with the final group of Ogilvy and Baddeley on course at 12.45pm.
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