OGX oil and gas production at 16,400 boepd in January


OGX oil and gas production at 16,400 boepd in January


RIO DE JANEIRO -- OGX said that production jumped in January as two new wells came on-stream during the month, although output still remains below the company's initial expectations.

OGX produced an average 16,400 boe in January, according to a company presentation. OGX's output included 3,200 boepd from the Gaviao Real natural gas field, which started commercial output in January, and 13,200 boepd from the offshore Waimea complex. OGX produced 10,100 boepd in December. The company 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 bopd by the end of 2012.

The disappointing output levels at Waimea have created doubt about 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. In January, OGX started production from a third well at the Tubarao Azul or "Blue Shark" field.

Dow Jones Newswires

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