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Brazil's Oleo e Gas gets $44 mln offer for Colombian oil rights
April 26, 2014 / 12:06 AM / in 4 years

Brazil's Oleo e Gas gets $44 mln offer for Colombian oil rights

RIO DE JANEIRO, April 25 (Reuters) - Oleo e Gas Participacoes SA, the bankrupt oil company controlled by Brazilian tycoon Eike Batista, received a $44 million offer for five oil exploration and production blocks in Colombia, the company said on Friday.

The offer involves $30 million in cash and the assumption of $14 million in future exploration obligations in Colombia, Oleo e Gas said in a statement. It did not give the name of the investor or company making the offer. Oleo e Gas was formerly known as OGX Petroleo e Gas Participacoes SA.

If approved by a bankruptcy judge, creditors and Oleo e Gas shareholders, the sale will help the Rio de Janeiro-based company pay for leases on offshore oil production ships and its share of investments in output in Brazil, the company said.

Oleo e Gas filed for protection from creditors on Oct. 30 in Latin America’s largest bankruptcy filing. The company filed a restructuring plan with the 4th Commercial Part of the Rio de Janeiro-State Justice Tribunal on Feb. 14.

Under that plan Batista will give up control of the company to creditors owed 11.2 billion reais ($4.63 billion) at the time of the bankruptcy filing. (Reporting by Jeb Blount; Editing by Mohammad Zargham)

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