Report: OGX says Petronas may have to go for arbitration

RIO DE JANEIRO/SAO PAULO, Oct 31 (Reuters) - Brazilian tycoon Eike Batista's oil company OGX Petróleo e Gas Participações SA agreed on Thursday to sell its 67 percent stake in its natural gas unit for 344 million reais ($156 million), the day after it filed for bankruptcy protection.

Under the deal, São Paulo-based buyout firm Cambuhy Investimentos Ltda will end up with 73 percent of OGX gas-unit OGX Maranhão Petróleo e Gas SA, statements from the companies involved said. Half that stake will come from buying 200 million reais of new stock in OGX Maranhão. The rest will come from a 200 million real payment to OGX for its remaining share of the gas producer.