KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) cannot back out of its proposed investment of US$850mil in Brazilian oil and gas company OGX Petroleo e Gas Participacoes S.A (OGX), which is reported to be strapped for cash after its only producing oil field failed to live up to expectations.
According to reports, the firm had scaled back its investments to concentrate on one new field, Tubarao Martelo, to come on line by the year-end, but analysts said the company may run out of cash before then.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
