Brazil's OGX Pushes Back Start Of Oil Production Until January

SAO PAULO (Dow Jones Newswires), Dec. 14, 2011

Brazilian oil and gas company OGX Petroleo e Gas Participacoes SA (OGXPY, OGXP3.BR) said its plans to begin producing oil for the first time have been pushed back until January.

OGX, controlled by Brazilian billionaire Eike Batista, had been expected to start production by the end of this year, having already delayed the start-up from September or October.

Now, the company expects the OSX-1 floating production, storage and offloading tanker to leave the port of Rio de Janeiro on Christmas Day, and expects it should be ready to start production on January 23, according to a company statement.

The firm said that preparatory work has already been carried out at the Waimea field, which is located in deep waters in the Campos Basin. 

Copyright (c) 2011 Dow Jones & Company, Inc.

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