Bloomberg News

OGX Says Oil Field Almost Ready for Company’s First Crude Output

December 13, 2011

Dec. 13 (Bloomberg) -- OGX Petroleo e Gas Participacoes SA, the oil company controlled by billionaire Eike Batista, said preparations to produce its first crude before the end of this month are in the “final phase.”

The installation of production lines at its Waimea field off Rio de Janeiro’s coast is almost complete and a plan to start producing before the end of the year hasn’t changed, the company said in an e-mailed response to questions today. The floating platform that will pump oil from the field still hasn’t left Rio’s port.

OGX, which aims to reach 150,000 barrels a day of output in 2013 as it develops discoveries off Brazil’s coast, will take about two weeks to connect the platform to an oil well as soon as the unit reaches Waimea, Ricardo Abi Ramia, a production manager at the Rio-based company, said in an Aug. 11 conference call.

OGX fell 0.8 percent to 14.28 reais in Sao Paulo trading at 4:08 p.m., extending its loss this year to 29 percent, compared with a 17 percent decline in the benchmark Bovespa index.

--Editors: Carlos Caminada, Robin Saponar

To contact the reporter on this story: Peter Millard in Rio de Janeiro at pmillard1@bloomberg.net

To contact the editor responsible for this story: Carlos Caminada at ccaminada1@bloomberg.net


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