Brazil Approves OGX Share Sale to ExxonMobil

November 22, 2013

The Brazilian government on November 21 approved U.S. oil giant ExxonMobil's bid to purchase a 35-percent stake in an offshore oil well licensed to Brazil's financially troubled OGX, Xinhua has reported, citing local media.

The well lies within the POT-M-475 maritime block in the Potiguar basin off the coast of Brazil's northeastern state of Rio Grande do Norte. The block was acquired by OGX at an auction in May.

Meanwhile, a court in Rio de Janeiro has accepted OGX's bankruptcy protection request on Thursday.

Copyright: Xinhua, 2013