Brazil's OGX says it may reduce stakes in older fields

RIO DE JANEIRO Tue Dec 11, 2012 7:35am EST

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RIO DE JANEIRO Dec 11 (Reuters) - OGX Petroleo e Gas SA , Brazil's second-largest oil company by market value, may reduce stakes in older exploration areas and fields such as Tubarao Martelo, Chief Financial Officer Roberto Monteiro said at an event with investors on Tuesday.

The Tubarao Martelo field in the Campos Basin off the coast of R io de Janeiro contains some of OGX's oldest discoveries. A sale may be one of the ways the company raises capital to help pay for development of BM-S-4 in the Santos basin.

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