Brazilian oil firm OGP, formerly OGX, will be stripped of its stake in the offshore BS-4 block unless it meets a mid-January deadline to repay debt, according to sector regulator ANP.
In a statement released on Monday, BS-4 operator QGEP Participações said OGX owed concession partners 73mn reais (US$31mn) having missed "three cash calls" since October 30.
In a notice dated December 23, ANP said OGP had 15 working days to meet its financial obligations.
Failure to do so will result in the "compulsory transfer or termination of the agreement in relation to its participating interest in the block," the regulator said.
OGP could not be reached for comment on Monday.
QGEP holds a 30% interest in BS-4 with the balance held by OGP (40%) and Barra Energia (30%).
Controlled by failed entrepreneur Eike Batista, OGP is expected to submit a restructuring plan to a bankruptcy court in Rio de Janeiro next month.
Batista's personal fortune is said to have fallen below US$1bn, having peaked at US$34bn early last year. Analysts blame the magnate's fall on unrealistic production targets based on false estimations.
Block BS-4 includes the post-salt Atlanta and Oliva fields, about 185km off Brazil's southeast coast in the Santos basin.
The consortium plans to start drilling a second early production system (EPS) well at Atlanta in January.
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