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Brazil's OGX to review E&P plans, gives up new block buys
August 27, 2013 / 1:02 PM / 4 years ago

Brazil's OGX to review E&P plans, gives up new block buys

SAO PAULO, Aug 27 (Reuters) - Brazil’s OGX Petróleo e Gas Participações SA on Tuesday abandoned plans for the purchase of a number of oil exploration licenses, as the embattled oil producer reassesses its exploration and production program.

Rio de Janeiro-based OGX will pay a fine of 3.42 million reais ($1.41 million) for giving up on the acquisition of the BAR-M-213, BAR-M-251, BAR-M-389, CE-M-663, FZA-M-184, PN-T-113, PN-T-114, PN-T-153 and PN-T-168 blocks for which it bid alone in a recent government oil licensing auction. OGX will stay in the blocks it acquired jointly with Exxon Mobil Corp, France’s Total SA and Brazil’s QGEP Participações SA , the company said in a securities filing.

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