Brazil's Oleo e Gas posts net profit of $97 mln in first quarter

jueves 29 de mayo de 2014 22:07 GYT
 

SAO PAULO May 29 (Reuters) - Brazil's Oleo e Gas Participações SA, the oil producer formerly known as OGX, on Thursday posted a net profit of 213 million reais ($97 million) in the first quarter of 2014, helped by the start of production from two oil fields.

The company controlled by tycoon Eike Batista, which filed Latin America's largest bankruptcy-protection petition on Oct. 30, had a loss of 805 million reais in the same quarter a year earlier.

Tubarão Martelo field, which started operating in December, produced 967,000 barrels of oil in the quarter, while Tubarão Azul restarted operations in February and produced 246,000 barrels of oil in the period, Oleo e Gas said.

Creditors will vote on approving $90 million of a debtor-in-possession loan tranche on June 3, the company said. Oleo e Gas has already received $125 million of the loan.

($1 = 2.2 Brazilian reais) (Reporting by Caroline Stauffer; Editing by Mohammad Zargham)