Petronas Pulls Out of OGX Deal

OGX , announces that it has received today from PETRONAS a notification regarding to termination of a contract relating to the to sale of 40% non-operating work interest in BM-C-39 and BM-C-40 blocks, located in the Campos Basin, offshore Brazil.

“OGX has submitted the subject to its lawyers’ analysis and is evaluating the adoption of reasonable legal measures,” OGX said in a statement.

Under the original agreement, signed in May this year, the Malaysian oil company was supposed to acquire a working interest in the blocks for a total value of US$850 million.

OGX , an oil and gas company owned by Eike Batista, who recently lost his billionaire status,  in August received the Installation License to start the activities related to the development of oil production in BM-C-39 and BM-C-40 blocks, in the Campos Basin, offshore Brazil. The Installation License was granted by IBAMA (the Brazilian Institute for Environment and Renewable Natural Resources) on August 9, 2013.
The blocks BM-C-39 and BM-C-40 comprise the Tubarão Martelo and Rêmora fields and are located approximately 95 Kilometers off the Brazilian coast at a water depth of around 110 meters.   The Tubarão Martelo Field will be developed with FPSO OSX-3, and its production start-up is estimated for the end of the year.

Offshore Energy Today Staff, November 19, 2013

 

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