OSX Brasil units ink deal with Oleo for testing at Tubarao Azul Field

By Caroline Salls

Pittsburgh, Feb. 4 - OSX Brasil SA subsidiaries OSX 1 Leasing BV and OSX Serviços Operacionais Ltda. entered into an agreement with Óleo e Gás Participações SA and its subsidiary OGX Petróleo e Gás SA related to testing at the Tubarão Azul Field, according to a news release.

Under the agreement, the FPSO OX-1 unit would be used for eventual resumption of production.

The companies expect the testing phase to last until Feb. 28.

If testing is satisfactory, the production resumption will be subject to the establishment of operational and financial costs among all the parties involved.

OSX Brasil is a Rio de Janeiro-based oil and gas holding company.

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