Monday, November 5, 2018

Petrobras To Sell Stake in Nigeria



Petrobras To Sell Stake in Nigeria

RIO DE JANEIRO, 01 November 2018 / PRN Africa / -- Petrobras International Braspetro BV (Pibbv), a subsidiary of Brazil's state-controlled giant Petrobras, unveiled the selling of its 50 percent stake in Petrobras Oil & Gas B.V. (Po&gbv), a joint venture in the Netherlands with BTG Pactual E&P B.V. with assets in Nigeria. The contract with the purchasing company, Petrovida Holding B.V was signed Wednesday (Oct. 31).


Petrovida is formed by partners Vitol Investment Partnership II Ltd, Africa Oil Corp, and Delonex Energy Ltd. The transaction is estimated to reach over $1.5 billion. Of the total, Petrobras will receive $1.407 billion in cash, subject to change until the operation is concluded, plus a future payment up to $123 million.

According to Petrobras, “The conclusion of the transaction will be subject to the meeting of usual preceding conditions, including the approval of relevant agencies in Nigeria.”

Fields in Nigeria

Despite not being the operator in any of the firls, Po&gbv owns an eight percent stake in the OML 127 block, where the Agbami producing field is located, and a 16 percent stake in the OML 130 block, with Akpo producing field and the Egina field, in its final stage of development. The share of the production due to Petrobras is some 21 thousand barrels of oil equivalent per day.
The move is said to come as part of Petrobras's Partnerships and Divestment Program, as set forth in the Business and Management Plan 2018–2022, and the continuous portfolio management, with a focus on investment in Brazil's pre-salt oil.

SOURCE Agência Brasil - Empresa Brasil de Comunicação S/A - EBC


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