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Eike Batista

The Brazil Agência Nacional do Petróleo (ANP) stated earlier this week it would decide over the next 60 days if it will rescind the exploration rights for blocks controlled by the troubled Oleo e Gas Participacoes SA.

Oleo is controlled by former billionaire Eike Batista.

ANP is reviewing Oleos’ documents to evaluating the financial capacity and feasibility of meeting capital spending commitments of the company to meet the timeline for developing exploration blocks it has rights to.

At risk are the rights to the company’s blocks in the state of Espírito Santo.

The company has fallen behind in development of offshore blocks ES-M-472, ES-M-529 and ES-M-531. The blocks are being developed with partners Perenco SA and Sinochem.

Oleo e Gas was formerly known as OGX Petroleo e Gas Participacoes SA.