SAO PAULO Feb 4 Brazilian oil start-up OGX Petróleo e Gas Participações SA controlled by Brazilian billionaire Eike Batista, produced 16,400 barrels of oil equivalent per day (boepd) in January, company data showed on Monday.
Offshore production rose to 13,200 boepd after a third well in the Tubarao Azul field in the Campos Basin off the coast of Rio de Janeiro began producing in early January.
The company also produced its first onshore oil last month, with average output of 3,200 boepd from the Gaviao Real field over a 12-day period.
OGX shares traded on Sao Paulo's BM&FBovespa stock exchange were trading 2.65 percent lower early on Monday. The stock is now worth less than one quarter of what it traded at a year ago as output has failed to pick up as fast as analysts expected.