RIO DE JANEIRO Jan 27 Brazil's ANP oil
regulator said on Monday it would decide over the next 60 days
whether to revoke the exploration rights for blocks controlled
by Óleo e Gás Participações SA, the ailing oil
company of Brazilian industrialist Eike Batista.
The regulator said it had received documents from Batista's
company and will be evaluating the financial capacity of Óleo e
Gás to meet its timeline for investing and developing
Batista's company could lose the rights to blocks in
Espírito Santo state if it fails to meet capital spending
The company is behind in spending on drilling in offshore
blocks ES-M-472, ES-M-529 and ES-M-531, which it is developing
with its partners, Perenco SA and Sinochem International Corp
, said a source, who declined to be quoted because of
the sensitivity of the issue.
Óleo e Gás, formerly known as OGX Petróleo e Gas
Participações SA, filed for a $4.75 billion bankruptcy
restructuring process on Oct. 30, but it is still required to
show that it has the capacity to meet the exploration timetable
agreed to with ANP.