OGX confirms restructuring after shale value losses


OGX confirms restructuring after shale value losses

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

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