OGX output date pushed back again

Clock ticking: OGX moves back its first-oil estimate again

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By News Wires

 06 January 2012 20:58 GMT

Brazilian independent driller OGX Petroleo e Gas Participacoes expects to produce its first oil on 28 January, pushing the date of the company's initial crude output back by five days, OGX said late Thursday according to a report.

OGX published its latest outlook for first oil in a timeline submitted to local stock regulators, Dow Jones reported. On Monday, OGX said that its initial production would start 23 January.

The start of oil production will mark OGX's ascension from a pre-operational exploration company to a full-fledged producer, part of controlling shareholder and billionaire Brazilian businessman Eike Batista's industrial empire.

But OGX's emergence has not been completely smooth.

OGX originally expected to produce its first oil at the Waimea prospect in Brazil's Campos Basin in the third quarter last year. But the offshore…

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