Brazil's Petroleo e Gas says to produce from 2 more wells by May

Reuters

RIO DE JANEIRO, Dec 17 (Reuters) - Brazil's Petróleo e Gas Participações SA, controlled by former billionaire Eike Batista, said on Tuesday it will likely start producing from two more wells in its offshore Tubarão Martelo field in April and May.

Tubarão Martelo should reach a peak production of 30,000 barrels per day, the company's reserves manager Armando de Almeida Ferreira said at an event with analysts, without giving an expected date for reaching that target.

The company formerly known as OGX has already started producing from two wells in Tubarão Martelo, widely considered its last chance to generate cash and convince creditors to accept a reorganization plan after it filed for bankruptcy on Oct. 30.

The company also said it has an estimated 118 million barrels of recoverable petroleum in blocks in Ceara state.

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