* Output at 5,100 boepd in November, 100 less than October
* Third Tubarao Azul well to connect to FPSO within weeks
SAO PAULO Dec 4 Brazilian oil start-up OGX
, controlled by billionaire Eike Batista, on Tuesday
said that average daily output from its offshore Waimea complex
fell by 100 barrels in November to 5,100 barrels of oil per day
November's output was the lowest monthly average since
Waimea began producing in February with just one well that
reached 11,600 boepd that month. Output has slipped fairly
steadily since despite a second well coming online in May.
Output from Waimea, located in the Campos Basin off the
coast of Rio de Janeiro and now producing from two wells, has
lagged far behind initial hopes it would pump as much as 23,000
barrels per day.
OGX plans to use water injection in Waimea at a later stage
to boost well pressure and maintain flows.
Separately, the company said in a statement it would connect
a third well in the Tubarao Azul field to the OSX-1 floating
production, storage & offloading (FPSO) platform in the coming
Shares traded on Sao Paulo's BM&FBovespa stock exchange rose
0.92 percent at the outset of the trading session, as the
broader index rose 0.2 percent. OGX shares have recently fallen
to their lowest price since around February 2009.
OGX stock, and shares in other companies in Batista's EBX
conglomerate that operates in mining, shipbuilding, ports and
power generation, have been pummeled this year as investors grow
impatient with project delays and missed production targets.
Batista bought $1 billion of OGX stock in October to
demonstrate his confidence in the company's prospects. See: