August 26, 2013 / 6:22 PM / in 4 years

Brazil regulator ANP to reject OGX's Tubarão Azul plan -sources

RIO DE JANEIRO, Aug 26 (Reuters) - Brazilian oil and gas regulator ANP will reject the development plan for the Tubarão Azul offshore field submitted by oil explorer OGX SA, sources in the government said on Monday.

OGX, whose stock price has come under extreme pressure over the past year after the company failed to meet production targets from its only producing offshore field, did not offer to drill a sufficient number of wells in Tubarão Azul to satisfy the ANP’s review team, said sources who asked to remain unnamed.

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