Brazil’s OGPar Q4 crude output falls 32.6% on year

摘要

Rio de Janeiro-Brazilian independent Oleo e Gas Participacoes, or OGPar, registered a 32.6% year-on-year decline in crude oil output in the fourth quarter after the company shut the Tubarao Azul Field, the company said. OGPar said it produced 8,714 b/d in Q4, down from 12,934 b/d in the same period of 2014. Q4 output was also down 7.4% from Q3 production of 9,407 b/d, according to a stock market filing last week. OGPar, formerly known as OGX, attributed the steady decline in output to a lack of spending on maintenance and development. OGPar has been hoarding cash after the collapse in oil prices to keep up with its share of investments at the Atlanta Field, where the company owns a 40% stake. Exploration acreage for sale