NYT – Eike Batista may soon be adding billions to his bank balance. Shares of the energy group OGX, the flagship vehicle of Mr. Batista, Brazil’s richest man, value its seven billion-odd barrels of shallow water oil reserves at about $5 apiece.
That looks like a bargain against the $8.51 a barrel the government is extracting from Petrobras for deepwater crude. It’s no wonder China’s Sinopec Group and CNOOC are considering buying into OGX assets.
