June 2, 2014 / 1:56 PM / in 4 years

Brazil's Oleo e Gas expects Atlanta field first oil in late 2015

RIO DE JANEIRO, June 2 (Reuters) - Bankrupt Brazilian oil company Oleo e Gas Participacoes SA expects to produce its first oil from the Atlanta offshore field in the BS-4 block in the Santos Basin in late 2015 or early 2016, company executives said on a conference call on Monday.

Oleo e Gas owns 40 percent of an estimated 147 million barrels of proven, or “1P”, oil reserves, and 56 million cubic meters of natural gas in the Atlanta field, according to a statement released with the conference call.

The neighboring Oliva field holds 65 million barrels of recoverable oil and equivalent natural gas with first oil expected in 2021, the statement said. (Reporting by Jeb Blount)

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