OGX Petróleo e Gás Participações S.A. (“OGX”), the Brazilian oil and gas company responsible for the largest private sector exploratory campaign in Brazil announced that allegations of a possible oil spill in any of its exploration or production facilities are untrue, the OGX's news release said.
"OGX would like to emphasize the operational progress it has made in all basins where the Company operates and that it is fully compliant with all Brazilian regulations, which require the immediate communication of any oil leak to the responsible governmental entities, including ANP (Brazilian National Petroleum Agency), IBAMA (Brazilian Institute of Environment and Renewable Natural Resources), and the Brazilian Navy," the Company said in a statement.
OGX Petróleo e Gás SA is focused on oil and natural gas exploration and production and is conducting the largest private sector exploratory campaign in Brazil. OGX has a diversified, high-potential portfolio, comprised of 30 exploratory blocks in the Campos, Santos, Espírito Santo, Pará-Maranhão and Parnaíba Basins, in Brazil, and 5 exploratory blocks in Colombia, in Middle Magdalena Valley, in Lower Magdalena Valley and in Cesar-Ranchería basins. The total extension area is of approximately 7,000 km² in sea and approximately 37,000 km² in land, with 24,500 km² in Brazil and 12,500 km² in Colombia. OGX relies on an experienced management team and holds a solid cash position, with approximately US$2.9 billion in cash (as of December, 2011) to fund its E&P investments and new opportunities. In June 2008, the company went public raising R$6.7 billion, the largest amount ever raised in a Brazilian primary IPO at that moment. OGX is a member of the EBX Group, an industrial group founded and under the leadership of Brazilian entrepreneur Eike F. Batista, who has a proven track record in developing new ventures in the natural resources and infrastructure sectors.