EBX Eyes Round 9 with New Oil, Gas Subsidiary
Brazilian investment group EBX has created an oil and gas subsidiary called OGX to take part in the ninth hydrocarbon exploration licensing round in late November, EBX owner Eike Batista said.
Investments to create the subsidiary reached US$500mn, Batista told journalists in Rio de Janeiro.
OGX will launch an IPO within three years, Batista said.
OGX will focus on onshore and offshore natural gas blocks in the ninth round to supply operations of EBX mining and metals company MMX, according to Batista.
"The goal is to make synergies and add value," Batista said, adding OGX will bid alone for blocks.
OGX also plans to invest in natural gas exploration in Bolivia.
"The Bolivian government plans to develop and to achieve that will need money and specialized workers," Batista said.
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