Regions

OGX declared worst performing stock

July 3
2:01 PM 2013

The acclaimed world's worst performing oil stock is OGX Petroleo & Gas Participacoes SA. It had recenty declared that its Remora offshore field just two days after it had said that the asset may be closed by next year.

The oil field is partly owned by Malaysia"s Petroliam Nasional Bhd located just off the Campos basin in southeastern Rio de Janeiro. The said area was deemed commercially viable as announced in the Brazilian regulatory authority's website. This block is known as C-M-499 or BM C-40 and it is what Petronas has a 40% stake in since May 8. The second block, also partlally owned by Petronas, is known as BM-C-39 and was deemed commercial just last April 2012.

After the oil producer announced that it was closing down oil fields, OGX shares fell by more than 50% in just three days. It had already missed output targets and has been on a share value tailspin since last year. According to data compiled by Bloomberg, the oil company has experienced a 91% fall this year, the worst compared to more than 500 oil producers valued at least US$100 million.

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