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Brazil: OGX to start Tubarao Martelo oil field production this week

03 Dec 2013

OGX Petroleo & Gas Participacoes plans to begin production this week at its most promising field as controller Eike Batista seeks revenues to keep his Brazilian oil company afloat, said a person briefed on the matter. OGX, which filed for bankruptcy protection in October, has all the licenses needed to start operating the Tubarao Martelo offshore field after receiving an permits from government environmental agency Ibama on Nov. 29, the person said, asking not to be identified because the plan hasn’t been made public. Ibama confirmed in a statement to Bloomberg News that the remaining license was issued to OGX last week.

OGX said in early October that its Tubarao Martelo offshore oil field has 87.9 million barrels of 'probable' oil equivalent, less than a third of the total it called recoverable when it declared the area commercially viable last year.

Tubaro Martelo, is OGX’s latest attempt to produce crude after abandoning projects it had previously declared commercial. OGX became the first Brazilian oil producer to seek creditor protection when it filed for a so-called judicial recovery in a Rio court.

See related article: OGX says Tubarao Martelo offshore oil field may have third of expected oil

Click here for full Bloomberg article

Source: Bloomberg / energy-pedia

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