PETROBRAS SELLS OIL STAKE IN NIGERIA TO VITOL-LED CONSORTIUM FOR $1.53 BILLION

PETROBRAS SELLS OIL STAKE IN NIGERIA TO VITOL-LED CONSORTIUM FOR $1.53 BILLION

Originally published on November 2, 2018

Brazilian state-owned company Petrobras, which partnered with BTG Partual E&P in a Nigerian oil and gas exploration joint venture (JV), has signed an agreement to sell its own 50 percent stake of the business valued at $1.53 billion to a consortium led by Vitol.

BTG Pactual remains the sole owner of its own 50 percent stake in the Petrobras Oil & Gas (POGBV) JV, which includes interests in two blocks that contain three fields located more than 100km off the coast of Nigeria.

Among the consortium buying the assets, Vitol Investment Partnership II will possess 50 percent, Africa Oil 25 percent, and Delonex Energy 25 percent.

The assets owned by Petrobras Oil & Gas in Block OML 127 are valued at 8 percent stake which contain the Agbami production field, while it also owns a 16 percent stake in Block OML 130 comprising the Egina and Akpo fields.

Production is expected to commence at the Egina field by the end of this year since it is in its final stage of development.

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