Brazil's biggest private oil firm pumps first oil

Brazil's biggest private oil company begins pumping oil

Associated Press

SAO PAULO (AP) -- Brazil's biggest private oil company says it has begun pumping its first oil.

OGX Petroleo e Gas Participacoes SA says in a statement it began producing the oil Tuesday at the OGX-26HP well in the Campos Basin's Waimea field off the coast of Rio de Janeiro.

OGX is owned by billionaire Eike Batista, who is considered Brazil's richest man.

The statement says production is expected to stabilize in a few weeks at about 15,000 barrels a day. Daily output is expected to increase to up 50,000 barrels by the end of the year.

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