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

October 23, 2013

RIO DE JANEIRO, Oct 23 (Reuters) - Brazil's OGX Petroleo e Gas Pariticipações SA, the cash-strapped oil company controlled by Brazilian tycoon Eike Batista, expects to start output from its Tubarão Martelo offshore oil field by the end of November, two sources with direct knowledge of OGX operations told Reuters.

The company has begun linking up the field's completed production wells to the OSX-3 floating production, storage and offloading platform (FPSO), the sources said. The vessel is owned by Batista's OSX Brasil SA shipyard and ship-leasing company.

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

OGX's press office did not immediately answer calls seeking comment. (Reporting by Jeb Blount and Sabrina Lorenzi; Editing by Gerald E. McCormick)