Brazil's OGX submits financial guarantees to participate in oil, gas auctions

4/28/2013

Brazil's OGX submits financial guarantees to participate in oil, gas auctions

BY LUCIANA MAGALHAES

SAO PAULO -- OGX confirmed it has submitted financial guarantees to the local National Petroleum Agency (ANP), to participate in a much anticipated auction of oil and natural-gas exploration concessions next month.

Many of the world's largest oil companies from 18 countries have been cleared to participate in the auction, including Exxon Mobil, Chevron and BP. Petrobras, OGX and startup HRT Participacoes em Petroleo have also been approved.

All those companies were requested to submit the guarantees for potential bids to the regulator.

OGX, the flagship company of Mr. Batista's EBX Holding, triggered a crisis of confidence in the group's ability to fund its massive infrastructure investments after reporting production levels well below expectations. The problems began last June, when OGX said it would produce much less than previously estimated.

Dow Jones Newswires

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