RIO DE JANEIRO Jan 9 Óleo e Gás Participações
SA, Brazilian entrepreneur Eike Batista's oil company, told
newspaper Valor Economico that it had paid off part of a debt
related to development costs in two of its 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) in the fields of Atlanta and Oliva in Brazil's Santos
basin, Valor reported on Thursday, citing an unnamed company
Óleo e Gás filed for Latin America's largest-ever bankruptcy
protection petition on October 30.
The remaining past-due debt installments will be paid off
"in the same way," the source told Valor. Óleo e Gás
representatives were not immediately available to confirm the
Óleo e Gás could lose its 40 percent stake in those fields
if it fails to pay its share of development costs.
Valor said 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.
Óleo e Gás had promised in a securities filing earlier this
year to honor its debts in the two oil fields, using the
financial resources it obtained from an agreement with creditors