Petronas terminates contract with OGX.
Petronas, an oil and gas company belonging to Eike Batista's EBX group, reported receiving notification of contract termination regarding the sale of a 40 percent stake in the BM-C-39 and BM-C-40 blocks located in the Campos Basin. Last week, Petronas had stated it would await a court decision on the bankruptcy filing before deciding on the settlement.
Reuters - OGX, the oil and gas company of the EBX group, reported on Monday that it had received notification from Malaysian company Petronas regarding the termination of a contract related to the sale of a 40 percent stake in the concessions of blocks BM-C-39 and BM-C-40, located in the Campos Basin.
According to a relevant fact, OGX said that it has submitted the matter to its lawyers for analysis and is evaluating "the adoption of appropriate legal measures".
Eike Batista's company announced months ago an agreement with Petronas to sell a stake in blocks, including the Tubarão Martelo field, as well as the Peró and Ingá accumulations in the Campos Basin, for $850 million -- most of the value would only be disbursed when the field began producing.
The field is one of the oil company's alternatives, which at the end of October filed for the largest bankruptcy protection in Latin American corporate history, to generate revenue at a time when it is facing serious cash flow difficulties.
Last week, Petronas had said it would await a court decision on the bankruptcy filing before deciding on the settlement.
(By Luciana Bruno)