January 14, 2014 / 1:16 AM / 4 years ago

Batista's oil company produces first crude from new Brazil field

BRASILIA, Jan 13 (Reuters) - Óleo e Gás Participações SA , Brazilian entrepreneur Eike Batista’s oil company, said on Monday it produced an average of 12,811 barrels of oil and natural gas equivalent per day, or boepd, from its Tubarao Martelo field in December.

The company, which started extracting oil from the field on Dec. 6, said it produced a total of 333,105 barrels of oil and natural gas equivalent that month. Óleo e Gás is producing from two wells at the offshore field.

Tubarao Martelo is considered the company’s last chance to generate enough cash and convince creditors to accept a reorganization plan after filing for bankruptcy on Oct. 30. (Reporting by Alonso Soto; Editing by Lisa Shumaker)

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