RIO DE JANEIRO, May 7 (Reuters) - OGX Petroleo e Gas SA said on Tuesday that oil and natural gas output fell 7.9 percent in April from March as plunging offshore oil flows undermined rising on-shore natural gas production.
After an initial decline of 5.1 percent, OGX erased losses and was up 1.5 percent.
OGX produced an average of 13,900 barrels of oil and natural gas equivalent per day in April, the company said in a securities filing. Of that, 12,100 boepd came from the on-shore Gavi??o Real gas fields in Maranh??o state and 1,800 boepd from its offshore Tubar??o Azul field in the Campos basin northeast of Rio de Janeiro.
OGX shares have lost about 57 percent this year on concerns over disappointing output from Tubar??o Azul. Lower-than-expected output has investors worried it won't be able to generate enough revenue to pay its debts and develop new oil fields.
Output from Tubar??o Azul was 78 percent lower than in March, when the field produced 8,300 boepd and was down 83 percent from January, when production averaged 13,200 boepd.
OGX has had difficulty getting oil to flow from Tubar??o Azul's complex carbonate rock reservoirs.
Production from Gavi??o Real rose 78 percent from 6,800 boepd in March. The 12,100 boepd flow from Gavi??o Real in April was equivalent to a flow of 1.9 million cubic meters (67.1 million cubic feet) of natural gas a day.
(Reporting by Reese Ewing and Jeb Blount; Editing by Gerald E. McCormick and Jeffrey Benkoe) Keywords: OGX BRAZIL/PRODUCTION
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