OGX Producing 15,000 Barrels of Oil at Waimea, Batista Says

OGX Petroleo & Gas Participacoes SA (OGXP3), the oil company controlled by Eike Batista, is producing 15,000 barrels of crude per day after starting output at an offshore well in Brazil earlier this year, the billionaire said.

OGX expects to almost triple output to 40,000 barrels of oil a day by mid-year, Batista, 55, said during a telephone interview from Rio de Janeiro on March 2. The company is working to connect a second well to the Waimea field in about 45 days and a third one by mid-2012, he said.

Brazil’s second-biggest oil company by market value produced its first oil at Waimea, in the waters of Rio’s Campos basin, on Jan. 31, seven months after its original target. The company said last year it expects to produce as much as 50,000 barrels a day in 2012, rising to 730,000 barrels a day by 2015.

OGX accounts for about two thirds of Batista’s wealth, helping make him the world’s 10th-richest person, according to the Bloomberg Billionaires Index. His net worth fell $546 million yesterday to $29.2 billion as sliding commodity prices sent share prices for his empire of natural-resource and logistics startups lower.

OGX gained 1.2 percent to 17.11 reais in Sao Paulo. Before today, the stock rose 24 percent during 2012, more than the 15 percent increase of Brazil’s Bovespa Index.

To contact the reporters on this story: Juan Pablo Spinetto in Rio de Janeiro at jspinetto@bloomberg.net; Alexander Cuadros in Sao Paulo at acuadros@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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