Petrobras looking to sell its African oil exploration venture

Wednesday, November 8th 2017 - 18:11 UTC

Full article 6 comments

Petrobras is seeking to offload US$21 billion in assets through 2018 and has moved aggressively to cut debt.

Brazil’s Petrobras on Tuesday revealed plans to sell its stake in an African oil exploration venture as part of a wider divestment plan. The state managed oil company is looking to sell its 50% stake in Petrobras Oil & Gas BV, or Petrobras Africa.

BTG Pactual E&P BV, a subsidiary of Grupo BTG Pactual SA, holds a 40% stake in the joint venture, while Helios Investment Partners owns the remaining 10%.

Petrobras, the world’s most indebted oil company and focus of a massive corruption scandal, is seeking to offload US$21 billion in assets through 2018 and has moved aggressively to cut debt.

Petrobras Africa participates in two deepwater oil exploration blocks off the coast of Nigeria that contain the Akpo and Agbami producing fields and are operated by Total and Chevron Corp respectively.

Categories: Economy, Investments, Brazil, International.

Tags: Petrobras, Petrobras Africa.

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Jack Bauer
From 1978 to 1983 I spent a lot of time in Nigeria....even coming from Brazil I was surprised by the level of corruption....I remember one occasion on which I had to “pass” Naira 20 to an airline clerk to find my reservation on the boarding list...even though I could see my name on it, and it being upside-down...lots of interesting stories.
Nov 09th, 2017 - 07:14 pm +1
:o))
Lula could be the potential buyer! After all; he is the one who invested the [taxpayers] capital for fattening his own wallet!
Nov 09th, 2017 - 12:40 am 0
EscoSesDoidao
They had (or have) a stake in Akpo.
Nov 09th, 2017 - 09:37 am 0

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