Oleo e Gas Participações SA is returning the Remora oil field to Brazil's oil regulator ANP because it decided it was not commercially viable, the company said on Thursday in a statement.

Oleo e Gas said estimates of recoverable oil were too low but the return of the field will not upset its business plan.

The company formerly known as OGX Petroleo e Gas Participações SA was once controlled by Brazilian tycoon Eike Batista and his EBX Group. It filed the biggest bankruptcy protection petition in Latin American history in October 2013.

Oleo e Gas said last month that it was reviewing the viability of its main oilfield, Tubarão Martelo, after the sharp drop in oil prices cut off funds for an expansion of output.