Batista's OGX expects Tubarão Martelo oil output by end-November

Reuters

RIO DE JANEIRO, Oct 23 (Reuters) - Brazil's OGX Petroleo eGas Pariticipações SA, the cash-strapped oil companycontrolled by Brazilian tycoon Eike Batista, expects to startoutput from its Tubarão Martelo offshore oil field by the end ofNovember, two sources with direct knowledge of OGX operationstold Reuters.

The company has begun linking up the field's completedproduction wells to the OSX-3 floating production, storage andoffloading platform (FPSO), the sources said. The vessel isowned by Batista's OSX Brasil SA shipyard andship-leasing company.

If Batista can start production soon it may ease his effortsto reach an agreement with OGX creditors to renegotiate about $5billion of debt.

OGX's press office did not immediately answer calls seekingcomment. (Reporting by Jeb Blount and Sabrina Lorenzi; Editing by GeraldE. McCormick)

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