Brazil's OGX may sell Tubarao Martelo oil field to Petronas -report
SAO PAULO, Sept 30
SAO PAULO, Sept 30 (Reuters) - OGX Petróleo e Gás SA is considering offering to sell its Tubarão Martelo oil field to Malaysia's Petronas after it files for bankruptcy protection in coming weeks, Valor newspaper reported on Monday.
The company, controlled by Brazilian tycoon Eike Batista, could also raise money with bondholders, but that move is seen as less likely as most of OGX's bonds are held by speculative investors, Valor reported without saying how it obtained the information.
OGX is expected to file for bankruptcy protection within a couple of weeks. Its shares sank to an all-time low on Friday as the company, unable to produce as much oil as initially forecast, rapidly burns cash.
Efforts to reach spokeswomen at OGX were unsuccessful.
Petroliam Nasional Bhd, as Petronas is legally known, agreed in May to pay $850 million for a 40 percent stake in two blocks of OGX's Tubarão Martelo field.
The field is about 95 km (59 miles) off the coast of Rio de Janeiro state. Its estimated 285 million barrels of recoverable oil and natural gas equivalent resources could supply all of Malaysia's oil needs for about 15 months.
The plunge in the share prices of Batista's companies has caused his fortune, once Brazil's largest, to shrink dramatically, limiting his ability to keep financing OGX, a startup with more investment expenses than revenue.
- Target says data from 40 million cards stolen in holiday period
- UPDATE 3-Saab wins Brazil jet deal after NSA spying sours Boeing bid
- Special Report: Why Ukraine spurned the EU and embraced Russia
- Facebook, Zuckerberg, banks must face IPO lawsuit: judge
- Zuckerberg to sell Facebook shares worth about $2.3 billion