The revelation adds another blow to the stunning fall of the oil and gas start-up and associated businesses of entrepreneur Eike Batista.
An updated resource assessment for the Tuburao Martelo by DeGolyer & MacNaughton pegs probable reserves at 87.9 million barrels of oil equivalent.
That is far below the 285 million boe previously estimated by OGX in its commercial declaration.
The field was viewed as the company's last hope at redemption after production setbacks led OGX to decide this summer that four of its five flagship offshore fields were non-commercial using present technology.
The
