OGX receives environmental license for its Tubarao Martelo oil field

8/12/2013

OGX receives environmental license for its Tubarao Martelo oil field

BY LUCIANA MAGALHAES

SAO PAULO -- OGX, controlled by entrepreneur Eike Batista, has received an environmental license to develop and produce oil in its offshore Tubarao Martelo field, in the Campos Basin, in Rio de Janeiro, the company said in a regulatory filing.

OGX, the flagship of Mr. Batista's EBX group of companies, has consistently disappointed the market with production levels much below expectation. A few months ago it said that four of its five oil fields, excluding Tubarao Martelo, were not economically viable. Tubarao Martelo is expected to start production at the end of the year.

In May, Petronas, agreed to buy a 40% stake in two blocks in the Tubarao Martelo oil field.

OGX's shares have fallen 90% in the last 12 months and its bonds have been trading at default levels amid market expectations that it will need to seek a debt restructuring.

Dow Jones Newswires

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