OGX

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For other uses, see OGX (disambiguation).
OGX Petróleo e Gás Participações S.A.
Type Public
Traded as BM&F BovespaOGXP3
Industry Oil and gas
Founded 2007 (2007)
Headquarters Rio de Janeiro, Brazil
Key people Luiz Eduardo Carneiro (CEO)
Products Crude oil
Natural gas
Revenue Increase US$ 368.1 million (2013)
Net income Decrease - US$ 7.3  million (2013)
Parent EBX
Website www.ogx.com.br

OGX Petróleo e Gás Participações S.A. is a Brazilian publicly listed oil and gas company belonging to the EBX Group. Prior to its 2013 bankruptcy filing, OGX was once Brazil's second largest oil company by market value after Petrobras.[1]

The Canadian Pension Fund Ontario Teachers' Pension Plan owns 10.7% of company shares.

History[edit]

OGX was founded in 2007. In June 2008 it held initial public offering and the company was listed at BM&F Bovespa.[2]

In September 2009, the company started its exploration activities.[3] At the same year OGX made its first oil discovery at the Waimea offshore field and on 31 January 2012 it started oil production.[4] It made several other oil discoveries.[5]

In 2010, it discovered oil at the Pero and Inga fields in Block BM-C-40.[6]

Operations[edit]

OGX is engaged in onshore and offshore exploration and production activities. It owns exploratory blocks in the Campos, Santos, Espírito Santo, Pará-Maranhão and Parnaíba basins in Brazil and the Cesar-Ranchería, Lower Magdalena Valley and Middle Magdalena Valley basins in Colombia.

Its Waimea field in the Campos Basin is producing about 12,500 barrels per day (1,990 m3/d) with expected output rise to 40,000–50,000 barrels per day (6,400–7,900 m3/d) by the end of 2012.[7] Production at the at Gaviao Real field is expected to start in 2012 and at the Waikiki field in 2013.[6][8] On October 30, 2013 OGX was forced to file for bankruptcy protection in the Court of Justice of Rio de Janeiro after defaulting on a $45m bond payment.[9] [10]

References[edit]

  1. ^ Blount, Jeb (2012-03-16). "OGX to buy part of Maersk Brazil oil stakes". Reuters. Retrieved 2012-04-06. 
  2. ^ Benson, Todd (2008-06-13). "Shares of Brazil oil start-up OGX soar after IPO". Reuters. Retrieved 2012-04-06. 
  3. ^ Palmigiani, Fabio (2011-12-02). "Drilling to resume on blocks once seismic results are in". Upstream Online (NHST Media Group). (subscription required). Retrieved 2012-04-06. 
  4. ^ "OGX revving up production". Upstream Online (NHST Media Group). 2012-03-23. Retrieved 2012-04-06. 
  5. ^ Ellsworth, Brian; Barreto, Elzio (2009-12-18). "Brazil's OGX says finds oil in offshore well". Reuters. Retrieved 2012-04-06. 
  6. ^ a b "OGX revving up production". Upstream Online (NHST Media Group). 2011-12-02. (subscription required). Retrieved 2012-04-06. 
  7. ^ "Fresh round of bonds for OGX". Upstream Online (NHST Media Group). 2012-03-28. Retrieved 2012-04-06. 
  8. ^ Palmigiani, Fabio (2011-12-02). "Gavaio to be on line in 2012". Upstream Online (NHST Media Group). (subscription required). Retrieved 2012-04-06. 
  9. ^ "Brazilian Energy Company OGX Files for Bankruptcy". New York Times Dealbook (New York Times). 2013-10-30. Retrieved 2013-10-30. 
  10. ^ "OGX confirma à CVM pedido de recuperação judicial". Valor Econômico (Valor Econômico). 2013-10-31. Retrieved 2013-10-31. 

External links[edit]