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Dommo Energia

Dommo Energia
Company typePrivately held company
IndustryOil and gas
Founded2007 (2007) as OGX
FounderEike Batista
Headquarters
Rio de Janeiro
,
Brazil
Key people
Roberto Bernardes Monteiro
ProductsCrude oil
Natural gas
RevenueIncrease US$ 368.1 million (2013)
Decrease - US$ 7.3  million (2013)
ParentPetroRio
Websitedommoenergia.com.br

Dommo Energia is a Brazilian publicly listed oil and gas company. Until 2017 it was known as OGX Petróleo e Gás Participações S.A. (OGX). Prior to a 2013 bankruptcy filing, OGX was Brazil's second-largest oil company by market value after Petrobras.[1]

On September 1, 2022, PetroRio announced the purchase of Dommo Energia. On October 24, PetroRio approved the incorporation of the company.[2] With the transaction, the company now owns 100% of the Tubarão Martelo field.[3]

History

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OGX was founded in 2007. In June 2008 it held initial public offering and the company was listed at BM&F Bovespa.[4]

In September 2009, the company started its exploration activities.[5] At the same year OGX made its first oil discovery at the Waimea offshore field and on 31 January 2012 it started oil production.[6] It made several other oil discoveries.[7]

In 2010, it discovered oil at the Pero and Inga fields in Block BM-C-40.[8]

In 2013 OGX was forced to file for bankruptcy protection in the Court of Justice of Rio de Janeiro after defaulting on a $45m bond payment.[9] [10]

OGX was renamed Dommo Energia in 2017.[11]

In 2023, after the acquisition, Dommo Energia went closed its capital on the stock exchange.[12]

Operations

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OGX is engaged in onshore and offshore exploration and production activities. It owns exploratory blocks in the Campos, Santos, Espírito Santo, Pará-Maranhão and Parnaíba basins in Brazil and the Cesar-Ranchería, Lower Magdalena Valley and Middle Magdalena Valley basins in Colombia.

Its Waimea field in the Campos Basin is producing about 12,500 barrels per day (1,990 m3/d) with expected output rise to 40,000–50,000 barrels per day (6,400–7,900 m3/d) by the end of 2012.[13] Production at the Gaviao Real field is expected to start in 2012 and at the Waikiki field in 2013.[8][14]

See also

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References

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  1. ^ Blount, Jeb (2012-03-16). "OGX to buy part of Maersk Brazil oil stakes". Reuters. Archived from the original on March 6, 2016. Retrieved 2012-04-06.
  2. ^ Guilhermer, Guilherme (2022-09-02). "PetroRio (PRIO3): aquisição da Dommo avança e empresas se reúnem para fixar datas para incorporação" [PetroRio (PRIO3): Dommo acquisition progresses and companies meet to set dates for merger]. Exame. Retrieved 2024-01-23.
  3. ^ "Petroleira Prio compra Dommo, mantém expansão, e ação pode subir até 31%" [Oil company Prio buys Dommo, keeps expanding, and shares could rise up to 31%]. Universo Online. 2022-12-08. Retrieved 2024-01-23.
  4. ^ Benson, Todd (2008-06-13). "Shares of Brazil oil start-up OGX soar after IPO". Reuters. Archived from the original on March 6, 2016. Retrieved 2012-04-06.
  5. ^ Palmigiani, Fabio (2011-12-02). "Drilling to resume on blocks once seismic results are in". Upstream Online. NHST Media Group. (subscription required). Retrieved 2012-04-06.
  6. ^ "OGX revving up production". Upstream Online. NHST Media Group. 2012-03-23. Retrieved 2012-04-06.
  7. ^ Ellsworth, Brian; Barreto, Elzio (2009-12-18). "Brazil's OGX says finds oil in offshore well". Reuters. Archived from the original on March 5, 2016. Retrieved 2012-04-06.
  8. ^ a b "OGX revving up production". Upstream Online. NHST Media Group. 2011-12-02. (subscription required). Retrieved 2012-04-06.
  9. ^ "Brazilian Energy Company OGX Files for Bankruptcy". New York Times Dealbook. 2013-10-30. Retrieved 2013-10-30.
  10. ^ "OGX confirma à CVM pedido de recuperação judicial". Valor Econômico. Valor Econômico. 2013-10-31. Retrieved 2013-10-31.
  11. ^ "OGX changes name to Dommo Energia". Brazil Energy Insight. 19 September 2017.
  12. ^ Abreu, Daniel (2023-03-10). "Antiga OGX de Eike Batista dá adeus ao investidor, depois de disparar 238%" [Eike Batista's former OGX says goodbye to investors after skyrocketing 238%]. MoneyTimes. Retrieved 2024-01-23.
  13. ^ "Fresh round of bonds for OGX". Upstream Online. NHST Media Group. 2012-03-28. Retrieved 2012-04-06.
  14. ^ Palmigiani, Fabio (2011-12-02). "Gavaio to be on line in 2012". Upstream Online. NHST Media Group. (subscription required). Retrieved 2012-04-06.
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