OGX Petróleo e Gás Participações SA , the Brazilian oil producer that filed for bankruptcy protection, is reviewing legal options after Malaysia's Petroliam Nasional Bhd PETR.UL canceled its agreed purchase of a stake in two OGX oil blocks.
OGX, controlled by Brazilian former billionaire Eike Batista, said in a securities filing late on Monday that it received notice from Petronas, as Malaysia's state oil company is known, that the latter had unilaterally rescinded the $850 million contract.
In its filing, OGX said that it is "analyzing the adoption of any potential legal measures" related to Petronas' move.
Source: Reuters
