OGX: Offshore Campos basin Waimea crude output declines


OGX: Offshore Campos basin Waimea crude output declines

RIO DE JANEIRO -- OGX Petroleo said that crude oil output declined for a fourth consecutive month in November, averaging 10,100 boepd.

OGX has struggled to boost output at the Waimea complex, the company's first producing oil field in Brazil's offshore Campos Basin. OGX had expected to produce at least 40,000 boepd of crude the end of 2012.

The disappointing output levels at Waimea have undercut OGX's shares since mid year and created doubt about billionaire Brazilian businessman Eike Batista's ability to  deliver on his development plans. Mr. Batista took a series of companies public in the late 2000s, with many of the companies still in the pre-operational stage.

November production was down from an average of 10,300 boepd in October. Waimea is currently producing crude oil from two wells at the Tubarao Azul, or "Blue Shark," field. A third production well is expected to start output in coming weeks, OGX said.

Dow Jones Newswires

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