EBX: New oil, gas subs bidding for gas to supply MMX

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Wednesday, September 5, 2007

Brazilian investment group EBX has created an oil and gas subsidiary called OGX to take part in the ninth hydrocarbons exploration licensing round in late November, EBX owner Eike Batista said.

OGX will focus on onshore and offshore natural gas blocks in the ninth round to supply operations of EBX's mining and metals company MMX, Batista told journalists in Rio de Janeiro.

"The goal is to gather synergies and to add value," Batista said, adding that OGX will bid alone for blocks.

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Investments reached US$500mn to create the subsidiary, which will launch an IPO within three years, according to the businessman.

BOLIVIA

OGX also plans to invest in natural gas exploration in Bolivia, Batista said.

"The Bolivian government plans to develop itself and in order to achieve that will need money and specialized workers," Batista said.