OGX Petroleum (OGXPY.PK) may be allowed to use future output from its offshore Tubarão...

|By:, SA News Editor

OGX Petroleum (OGXPY.PK) may be allowed to use future output from its offshore Tubarão Martelo field to guarantee new exploration rights bought in May, a source at Brazil's oil regulator tells Reuters. A lack of cash at OGX, which has struggled with lower than expected oil output, has led it to offer non-cash guarantees to ANP that it will perform work on Brazilian oil and gas blocks it won in a May auction.