Brazil's oil firm OGX Petroleo e Gas SA has been rumored to have planned selling a stake to Malaysian state oil giant Petronas in a filing due to market volatility.

The speculation that the Brazilian oil company is set to make sale of its stake to Petronas begun when the shares of the company controlled by billionaire Eike Batista increased by 12% and gained as much as 9% before it gives back its gains.

According to the filing, business opportunities with potential investors and financiers are being weighed by OGX as of the moment before making dramatic moves in the market.

Recently, OGX was troubled by a series of setbacks including lower production of oil. It has also reported shares that have closed down 0.28%.