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

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

Aker Evaluating Future of US Shipyard, ASC

Norway's Aker ASA may decide to merge or otherwise restructure two listed units that have seen strong benefits from the U.S. shale oil energy boom, Aker's Converto

300th Tug Brokered by Marcon Int'l

Marcon International, Inc. of Coupeville, Washington reported the sale of the U.S. flag, twin screw tug “Pacific Patriot” (ex-Pacific King) from Kirby Marine Offshore to U.

Energy

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

DNV GL Opens New Office in Malaysia

To meet the growing demand in the region, DNV GL opened a new office in Malaysia. The official opening of the office coincided with the company’s celebration of

OC Selects Siemens Blue Drive PLUSC Propulsion Solution

Siemens Blue Drive PLUSC Low Voltage Propulsion Solution providing reliability, Safety, increased fuel efficiency, reduced greenhouse gas emissions (Methane, NOX

News

Aker Evaluating Future of US Shipyard, ASC

Norway's Aker ASA may decide to merge or otherwise restructure two listed units that have seen strong benefits from the U.S. shale oil energy boom, Aker's Converto

Almarin Buoys for GNL del Plata in Uruguay

Almarin has supplied fourteen buoys to OAS constructor for the maritime beaconing of the works of GNL del Plata project in Uruguay. Almarin Spanish AtoN supplier

Mercury Marine produces 75,000th Verado L6 Outboard

Milestone comes less than 10 years after launch of platform.   Mercury Marine, the world leader in commercial and recreational marine propulsion and technology,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.2284 sec (4 req/sec)