Ogx News

Brazilian oil company Enauta has agreed to buy FPSO OSX-2 for the Definitive System (DS) of the Atlanta oil field in the Santos Basin, offshore Brazil.The completion of the acquisition is contingent on compliance with the agreed contractual conditions and is expected to occur in the first quarter of 2022. "The acquisition of FPSO is another important step towards the implementation of the Definitive System of the Atlanta Field. The negotiated terms allow the project to have a low breakeven and attractive returns. If we are successful in sanctioning the project, Atlanta’s production will reach around 50 thousand barrels of oil per day as of 2024, creating substantial value for our shareholders,” said Décio Oddone, the Company’s CEO.

Brazilian oil company Enauta has brought online another oil well at its Atlanta field in the Santos Basin, offshore Brazil, following a recent pumping system failure, and is now producing from two wells connected to the Petrojarl I FPSO.As previously reported, the company - formerly Queiroz Galvao - had earlier this month said that the field was producing via one well only due to a failure in the pumping system which had caused two wells to stop producing.The Atlanta field early production system has three wells…

Venezuela has resumed direct shipments of oil to China after U.S. sanctions sent the trade underground for more than a year, according to Refinitiv Eikon vessel-tracking data and internal documents from state company Petroleos de Venezuela (PDVSA).Chinese state companies China National Petroleum Corp (CNPC) and PetroChina - long among PDVSA's top customers - stopped loading crude and fuel at Venezuelan ports in August 2019 after Washington extended its sanctions on PDVSA to include any companies trading with the Venezuelan state firm.The imposition of the sanctions was part of a push by the Trump administration to oust Venezuelan President Nicolas Maduro…

On Aug. 21, a tanker called the Otoman docked at the Jose oil terminal on Venezuela’s coast in the Caribbean to load 1.82 million barrels of heavy crude, according to the state oil company’s internal documents.Yet no tanker with that name is registered in major global shipping databases.Muddying the situation further, the unique identifier for the Otoman listed in the documents - a number used by the International Maritime Organization to identify ships - was assigned to another tanker called the Rubyni, according to the databases.The Rubyni was broken up two years ago, they record. Satellite images provided by TankerTrackers.com, an independent vessel tracking service…

The launch this week of Prumo Logistica's $3.7 billion Port of Açu, the largest in Latin America, marked the revival of a Brazilian logistics hub many thought doomed when the empire of its former billionaire owner collapsed. Açu's more than 25 km (15.5 miles) of docks, piers and breakwaters is a much-needed step towards narrowing a crippling infrastructure gap in Latin America's largest economy. The Manhattan-sized industrial complex northeast of Rio de Janeiro, which officially opened on Tuesday, however, remains a far cry from the plans drafted by Eike Batista before his $60 billion EBX industrial empire disappeared almost overnight in 2013.

A year after the epic collapse of his industrial empire, Brazilian tycoon Eike Batista's financial and legal troubles appear far from over. Once worth more than $30 billion and listed as the world's eighth-richest man by Forbes Magazine, Batista says his debts now exceed his assets by $1 billion and the value of his remaining stakes in the oil, shipbuilding, mining and transportation companies he founded continues to shrink. Batista also faces criminal and regulatory investigations into suspected insider trading and fraud. On Monday, a judge ordered Batista, who has repeatedly denied any wrongdoing, to testify on Nov. 18, the first step in a legal saga that experts say could drag on for months, if not years.

Óleo e Gas Participações SA, the Brazilian oil producer that is under bankruptcy protection, and former sister company OSX Brasil SA completed on Friday a plan to renegotiate contractual terms related to the rental of a ship. In a securities filing, Óleo e Gas said OSX Brasil, a shipbuilder controlled by Brazilian tycoon Eike Batista, agreed to reduce the daily rental fee for the OSX 3 floating production, storage and offloading vessel to $250,000 from $265,000. Bonds that were sold by OSX to fund the construction of OSX 3 could be purchased by OGX Petróleo e Gas SA - which filed for bankruptcy in November - under certain, undisclosed circumstances, the filing added. (Reporting by Guillermo Parra-Bernal)

A Netherlands-based subsidiary of Brazilian tycoon Eike Batista's bankrupt shipbuilding and shipleasing unit OSX Brasil SA suspended payments to creditors after being granted protection by a Dutch court. According to a securities filing on Thursday, OSX sought protection for its OSX WHP 1&2 Leasing BV unit after an unnamed "alleged creditor" asked a court to order payment in a way that threatened OSX's obligations to other creditors. OSX WHP was created to finance the building of two fixed, offshore oil-production platforms for bankrupt sister oil company Oleo e Gas Participacoes SA.

Creditors of Brazilian tycoon Eike Batista's Oleo e Gas Participacoes SA approved a restructuring plan for the oil company that could lead to a quick resolution of the largest bankruptcy in Latin America's history, lawyers said on Tuesday. The plan was approved by creditors holding 90 percent of the Rio de Janeiro-based company's nearly 12 billion reais ($5 billion) of unpaid obligations. If a judge approves, creditors will swap debts for about 90 percent of Oleo e Gas stock, said Ricardo Knoepfelmacher of Angra Partners, the consultancy that handled talks with creditors. The judge's approval is expected within days, he said. Creditors include Newport Beach…

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.

Brazils federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering, Brazilian media reported on Friday. If the police probe leads to criminal charges against Batista, it would be yet another major blow for a businessman once hailed as Brazil's model entrepreneur and symbol of its economic success. Batistas EBX oil, mining and logistics empire, which two years ago was valued at $60 billion, collapsed last year in a mountain of debt and massive filings for bankruptcy protection. A week ago, Brazil's securities commission…

Bankrupt Brazilian oil company Óleo and Gás Participações SA, formerly known as OGX, has obtained a $73.2 million loan to finance exports and related costs, the company said on Tuesday in a securities filing. The company, the flagship of Brazilian tycoon Eike Batista's EBX energy, mining, shipbuilding and port-operation group before its collapse, said the export prepayment agreement will have a discount rate of 18 percent. The filing did not say whether other OGX creditors had approved the loan agreement. The company said the loan will be contracted by its subsidiary OGX Petróleo e Gás S.A. OGX, which is still controlled by Batista, made Latin America's largest-ever bankruptcy protection filing on Oct.

Eike Batista, who was Brazil's richest man for most of the past decade, is under investigation for allegedly engaging in insider trading while he chaired his now-bankrupt oil-producing and shipbuilding firms, securities industry watchdog CVM said on Friday. In a statement sent to Reuters, Rio de Janeiro-based CVM confirmed that Batista is a respondent in six of nine probes that executives of his Grupo EBX conglomerate are facing for breaching securities rules. In two of them, regulators are examining whether Batista allegedly took advantage of his access to privileged information.

Brazilian tycoon Eike Batista's bankrupt shipmaker and sister oil company are extending tests in the offshore Tubarão Azul field until March 7, according to a Wednesday securities filing. OSX Brasil SA said its OSX-1 platform would continue tests in the field operated by Oleo e Gas Participações SA, the oil producer formerly known as OGX. The failure to produce as much oil as expected at Tubarão Azul, Batista's first offshore field, led to the meltdown of his energy and mining group, resulting in Latin America's largest-ever bankruptcy protection filing.

Reuters –  A Brazilian court has suspended the deadline for shipbuilder OSX Brasil SA to present its restructuring plan under bankruptcy legislation until a new judge is appointed to the case, the company said in a statement. The 60-day deadline to file the plan was already suspended in January while another court reviewed a challenge to OSX's Nov. 11, 2013, bankruptcy protection filing. The new deadline will be set once the case is formally transferred to a new judge. Spanish construction company Acciona asked a court to prevent OSX's bankruptcy from being handled by the same judge responsible for the bankruptcy of sister oil company Oleo e Gas Participações SA. Oleo e Gas, formerly known as OGX, filed Latin America's largest ever bankruptcy on Oct. 30.

Currently, 319 oil/gas floating production units are now in service, on order or available for reuse on another field. FPSOs account for 65% of the existing systems, 75% of systems on order. Another 24 floating LNG processing systems are in service or on order. Liquefaction floaters account for 13%, regasification floaters 87%. No liquefaction units are yet in service – all 3 are on order. Also, 98 floating storage units are in service, on order or available. Trend in Inventory…

Since the beginning of this year, orders have been placed for 17 floating production systems. The combined value of the fabrication contracts exceeds $16 billion. By year end there will likely be another five to eight contracts awarded and the overall contract value for the year will exceed $20 billion. Stated in terms of conventional ships, fabrication of floating production systems in 2013 will equate to orders for 220 VLCCs, 360 Suezmax tankers or 800 Panamax bulk carriers. In other words, it is a big market. Yet relatively few shipbuilders are active in this sector.

To understand how ABS and DNV participate in Brazil’s complex and challenging Maritime and O&G industries, MR spoke to ABS’s João Carlos Ferreira , DNV’s Tommy Bjørnsen and their colleagues in Rio de Janeiro. The American Bureau of Shipping (ABS) is a non-profit classification society founded in 1862. ABS has been present in Brazil for more than 40 years, with more than 200 employees distributed between six offices in Brazil. “We have been providing classification services to the offshore industry longer than any other class society, and we are the current market leader in worldwide MODU classification and also market leaders in floating production units (FPI)…

Danilo Souza Baptista, OSX’s Director of Naval Construction, sat with MR Contributing Editor Claudio Paschoa at EBX Group’s new HQ in downtown Rio de Janeiro, in a meeting room overlooking Guanabara Bay with Sugar Loaf Mountain as a backdrop, to discuss its ambitious yet realistic vision to create one of the largest, most efficient shipyards in the Americas, as well as its Integrated Service Solution to the meet offshore O&G needs. OSX is a relatively new company, founded by the EBX Group in 2009. The EBX Group, is a holding composed of several companies active in different industries such as mining, oil & gas, logistics, real estate, among others.

EBITDA of R$36,5 million in 1H12 and R$2,7 billion financing are highlights for the second quarter of 2012. OSX, an EBX Group Company which provides solutions for the offshore oil industry by means of integrated operations in shipbuilding, leasing of exploration and production (E&P) units, and operation and maintenance (O&M), reports first semester 2012 profit for the period is R$ 5,4 million. Currently OSX Shipbuilding is managing an order book of 21 units destined for the production of oil and gas in Brazil: 5 FPSOs and 4WHPs for client OGX, 1 PLSV for client Sapura and 11 medium-range tankers for client Kingfish. During the quarter, OSX maintained its client base expansion and diversification strategy.

Mr. Danilo Baptista, who currently occupies the position of Executive Manager at OSX´s Açu Shipbuilding Unit (UCN Açu), has been nominated the new Shipyard Operations Officer replacing Mr. Eduardo Costa Vaz Musa. Mr. Baptista is one of the Company’s 52 engineers that have an average of 26 years of experience in naval construction. Mr. Baptista has a degree in Mechanical Engineering from the Federal University of Rio de Janeiro and has a specialization degree in Equipment and Maintenance Engineering and Managerial development by the University of São Paulo. Mr. Baptista began his career in 1978 as an Equipment Engineer at Petrobras where he worked for 33 years in the engineering and international areas of the company.

OSX, an EBX Group Company of integrated solutions for offshore units and services, received an order from its anchor client OGX Petróleo e Gás for construction and charter of two new Wellhead Platforms, WHP-3 and WHP-4, pursuant to the Strategic Cooperation Agreement entered into by the companies. The two new units will be built by OSX Construção Naval S/A in the Açu Shipbuilding Unit, which is currently being implemented in the northern region of the State of Rio de Janeiro, and are destined to meet OGX’s oil and gas production program.

OSX, a company which provides equipment and services for the offshore oil and gas industry, part of EBX Group, consolidated third quarter 2011 results with important achievements, including the start of the construction of the Açu Shipbuilding Unit (UCN Açu); arrival of FPSO OSX-1 in Rio de Janeiro; agreement for the construction of the FPSO OSX-3; a financing agreement for the construction of FPSO OSX-2 ($850 Million); and Disclosure of its 2011-2015 Execution Plan. OSX finished the fourth quarter with a R$7 million net profit and the full year of 2011. The consolidated cash position of the Company and its subsidiaries on December 31st, 2011 was of R$1.0 billion (R$ 2.2 billion on December 31st, 2010).