OGpar, a Brazilian oil and gas company formerly known under the name of OGX, has informed that it has resumed production from its Tubarao Martelo oil field, offshore Brazil.
The company, which filed for bankruptcy protection in 2013, said that on July 1, 2016, it received a letter issued by Agência Nacional de Petróleo, Gás Natural e Biocombustíveis (“ANP”), Brazilian regulatory agency, sanctioning the resumption of the production on Tubarão Martelo Field, using the FPSO OSX-3 vessel.
OGpar on Monday also said that once the permission was granted, the oil firm returned the operations on Tubarao Martelo field and is monitoring the process, waiting to stabilize the production. The field, located in the Campos Basin offshore Brazil, had first started producing oil in December 2013.
To remind, OGpar in March temporarily halted production from the field to take some time to evaluate a superior way to resume production on the field, considering the use of new technologies and economic feasibility of the asset.
In the meantime, the company is in a dispute with Nordic Trustee, bondholders of the FPSO OSX-3 vessel, over an unpaid debt for the charter of the vessel.
In an e-mail sent to Offshore Energy Today, an OGpar spokesperson said the company was in discussions with Nordic, “trying to negotiate the debt of leasing (OSX-3) that we have with the group.”