Brazil's Oleo E Gas Gets $44 Mln Offer For Colombian Oil Rights

Posted by Joseph R. Fonseca
Friday, April 25, 2014

Oleo e Gas Participacoes SA, the bankrupt oil company controlled by Brazilian tycoon Eike Batista, received a $44 million offer for five oil exploration and production blocks in Colombia, the company said on Friday.

The offer involves $30 million in cash and the assumption of $14 million in future exploration obligations in Colombia, Oleo e Gas said in a statement. It did not give the name of the investor or company making the offer. Oleo e Gas was formerly known as OGX Petroleo e Gas Participacoes SA.

If approved by a bankruptcy judge, creditors and Oleo e Gas shareholders, the sale will help the Rio de Janeiro-based company pay for leases on offshore oil production ships and its share of investments in output in Brazil, the company said.

Oleo e Gas filed for protection from creditors on Oct. 30 in Latin America's largest bankruptcy filing. The company filed a restructuring plan with the 4th Commercial Part of the Rio de Janeiro-State Justice Tribunal on Feb. 14.

Under that plan Batista will give up control of the company to creditors owed 11.2 billion reais ($4.63 billion) at the time of the bankruptcy filing.

(Reporting by Jeb Blount; Editing by Mohammad Zargham)

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Nigerian Minister Pledges $1.3 bln for Power Companies

Nigeria's oil minister announced a 213 billion naira (1.3 billion US dollar) bail-out package for power companies on Saturday, nearly a year after the sector was privatised.

Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies.

ICC Conference Focuses on Platform to Settle Disputes

The 5th ICC International Commercial Mediation Conference has brought together leading mediators, arbitrators, corporate managers and in-house counsel from around

Energy

Japan's Minister Says Energy Policy Without Nuclear Difficult

Japan would find it difficult to formulate an energy policy without nuclear power given its lack of energy resources and the high cost of utilities for companies and households,

Nigerian Oil Workers Call Off Strike After Talks with Government

Nigerian oil workers' unions have called off a four-day strike after reaching a deal with the government in a dispute over pensions, they said on Saturday. A

Nigerian Minister Pledges $1.3 bln for Power Companies

Nigeria's oil minister announced a 213 billion naira (1.3 billion US dollar) bail-out package for power companies on Saturday, nearly a year after the sector was privatised.

News

Greek Ferry with Bulgarians On Board Sinks near Corfu

A Greek ferryboat with Bulgarian passengers on board has suffered an accident near the island of Corfu. The ferry was traveling from Italy’s Ancona to Patras

Japan's Minister Says Energy Policy Without Nuclear Difficult

Japan would find it difficult to formulate an energy policy without nuclear power given its lack of energy resources and the high cost of utilities for companies and households,

Nigerian Oil Workers Call Off Strike After Talks with Government

Nigerian oil workers' unions have called off a four-day strike after reaching a deal with the government in a dispute over pensions, they said on Saturday. A

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2469 sec (4 req/sec)