* New resources with partners in Ceara, Potiguar basins
* Tubarao Martelo to peak at 30,000 barrels/day -company
By Sabrina Lorenzi
RIO DE JANEIRO, Dec 17 Oleo e Gas Participacoes
SA, the oil company controlled by Brazilian tycoon
Eike Batista, said on Tuesday that it and its partners have 421
million barrels of recoverable oil in offshore areas they
control in Brazil's Potiguar and Ceara basins.
The announcement, at a meeting with investors, comes as the
company seeks to convince creditors to agree to a restructuring
of more than $5 billion of debt as part of Latin America's
largest ever bankruptcy filing.
The recoverable oil includes 277 million barrels in the
Ceara Basin, the company, formerly known as OGX Petroleo e Gas
Participacoes SA, told investors at a presentation in Rio de
Janeiro. Oleo e Gas's share of the Ceara oil and gas is 118
million barrels, the company said.
In the Potiguar basin, Oleo e Gas owns 50 percent of the
POT-M-762 block with Exxon Mobil. In the Ceara Basin, it
owns 30 percent of the CE-M-661 block with France's Total
and Queiroz Galvão Exploração e Produção and 50
percent of the CE-M-603 block with Exxon.
The estimate comes as the company ramps up output from its
second offshore oil field and seeks to convince investors and
creditors to approve its reorganization.
The offshore field, Tubarao Martelo, will produce 30,000
barrels a day of oil at its peak, Oleo e Gas reserves manager
Armando de Almeida Ferreira said at the event without saying
when that level of output will be reached.
"Lets avoid production estimates at this point, we will wait
until Tubarao Martelo's output has stabilized," Chief Executive
Paulo Narcelio Amaral said at the event.
Failure to meet production targets at the company's first
field, Tubarao Azul, in early 2012, led to a more than 90
percent decline in the value of Oleo e Gas e shares and the
downfall of Batista's EBX industrial group.
According to a June 30 report from DeGolyer and MacNaughton,
a Dallas-based oil resource certification company, peak
production of proven and probable reserves in Tubarao Martelo is
expected in 2017 with 7.59 million barrels of output, or an
average of about 21,000 barrels a day.
The company began output from two wells in the Tubarao
Martelo field earlier this month and it expects to have its
third and fourth wells producing in April and May, Amaral said
Shares of Oleo e Gas fell 4.6 percent to 0.21 reais in
afternoon trading in Sao Paulo on Tuesday, on track for their
lowest close since Dec. 5.
The company said six of seven planned wells in the field
have been drilled.
In addition to helping Oleo e Gas produce enough revenue to
win approval for a restructuring plan, oil output from Tubarao
Martelo can also guarantee the survival of sister company OSX
Brasil SA, Amaral said.
OSX, also controlled by Batista, is counting on its OSX-3
production ship in Tubarao Martelo for nearly all its income.
Rental fees owed to OSX, which come due in January will be paid,
The company also expects 25,000 barrels a day from its
Atlanta and Olivia fields from a provisional production system.
A more permanent system should boost that to 80,000 barrels a
day in 2018.