Brazil's Oleo e Gas Pays Off Part of Oil Field Debt

Source: Reuters 1/9/2014, Location: South America

Oleo e Gas Participacoes SA, Brazilian entrepreneur Eike Batista's oil company, said it paid off part of the debt related to the development costs for two offshore oil fields.

The company, formerly known as OGX, paid the first installment of a past-due debt worth 73 million reais ($30.5 million) related to the fields of Atlanta and Oliva in Brazil's Santos basin, a company spokeswoman said.

Oleo e Gas filed for Latin America's largest-ever bankruptcy protection petition on Oct. 30.

The remaining past-due debt installments will be paid off "in the same way," the spokeswoman said in an email to Reuters. The debt payment was first reported by newspaper Valor Economico.

Oleo e Gas could lose its 40 percent stake in the fields if it fails to pay its share of development costs.

Valor reported the company also provided Brazil's oil regulator ANP with documents showing it is in a financial position to honor all contracts it won for the exploration of oil fields.

Oleo e Gas said in a securities filing earlier this year it will pay the debt in the two oil fields, using financial resources obtained in an agreement with creditors in December.


United Arab Emirates >>  6/24/2022 - The Board of Lamprell PLC announces that it received a non-binding indicative cash offer from Blofeld Investment Management ("Blofeld"), a 25.06 per c...
United States >>  6/22/2022 - Cheniere Energy, Inc. announced that its Board of Directors has made a positive Financial Investment Decision (“FID”) with respect to the 10+ million ...

Austria >>  6/21/2022 - The International Renewable Energy Agency (IRENA) and the OPEC Fund for International Development (OPEC Fund) are ramping up efforts to advance renewa...
Canada >>  6/21/2022 - Carbon Streaming Corporation has entered into a carbon credit streaming agreement (“Carbon Stream”) with Will Solutions Inc. (“Will Solutions”), an es...

United Arab Emirates >>  6/21/2022 - According to an announcement made today by Abu Dhabi National Oil Company (ADNOC), the company has identified AED70 billion ($19 billion) in products ...
Norway >>  6/17/2022 - There's no reason to sit back and rest on our laurels when an old field reaches tail production.

As one of the largest-ever improved oil re...


Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.