KUALA LUMPUR: Distressed Brazilian oil and gas company OGX Petroleo e Gas Participacoes S.A. had stated Petroliam Nasional Bhd (Petronas), has backed out of an agreement to buy a stake in two blocs in one of OGX's oil fields, according to the Wall Street Journal (WSJ).
WSJ said on Tuesday OGX was considering its legal options, the company said in a note to Brazil's financial markets regulator. The two blocs are designated BM-C-39 and BM-C-40 and are located in OGX's Tubarao Martelo field.
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