Temporary Suspension of the Tubarao Azul Field and Production

Source: www.gulfoilandgas.com 8/28/2015, Location: South America

OGpar and OGX inform that the halt of production of FPSO OSX-1 will be on August 31st, 2015, as it has been approved on the Annual Production Plan by the Agência Nacional de Petroleo, Gas Natural e Biocombustiveis ("ANP"), Brazilian regulatory agency, while respecting the commitments with OSX 1 Leasing B. V. regarding the FPSO OSX-1 vessel future demobilization.

The suspension of production, under the context of negotiations for the FPSO OSX-1 vessel devolution, is another important step for the Companies and their strategy to minimize the field‘s abandonment costs, in an environment of inflexible regulatory and environmental obligations. It is also a demonstration of the Companies‘ capacity to conduct business and negotiations with the owners of the FPSO vessel that understand the judicial situation which goes with the judicial recovery and are prepared to fulfill the Brazilian law.

The Companies requested ANP the temporary suspension of production on Tubarao Azul Field for one year and study alternatives to resume activities on the mentioned field, considering the economic feasibility of the field and application of new technologies.

It is worth taking into consideration that the FPSO OSX-1 demobilization and its devolution to OSX-1 Leasing B.V. are still subject to approval from Brazilian authorities.

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