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OGX confirms restructuring after shale value losses

BY LUCIANA MAGALHAES
 
SAO PAULO -- OGX Petroleo e Gas Participacoes, controlled by Mr. Eike Batista, has confirmed that the company is going through a restructuring, with some adjustments in its personnel.

OGX has let go 30 people, mainly from its financial department, however OGX doesn' t confirm the number of firings nor the corporate divisions affected by the decision. In 2012, OGX' s crude oil output from its first oil field, known as Tubarao Azul, or Blue Shark, fell short of the company' s initial forecasts, undercutting the company' s shares and creating doubts about Mr. Batista' s ability to deliver on his development plans. The Brazilian businessman took a series of companies’ public in late 2000s, with many of them still in pre-operational stage.

Dow Jones Newswires

01/18/2013

 

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