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  HOME | Brazil (Click here for more)

Brazilís Petrobras to Sell Nigeria Assets

SAO PAULO Ė Brazilian state-controlled oil company Petrobras said on Tuesday it planned to sell its stake in Petrobras Oil & Gas B.V. (POGBV), a joint venture that has assets in Nigeria.

Petrobras owns a 50 percent interest in POGBV, while BTG Pactual E&P B.V. has a 40 percent stake and Helios Investment Partners owns a 10 percent interest.

POGBV, which is involved in oil exploration and production (E&P), has interests in two deepwater areas in Nigeriaís Akpo and Agbami fields, Petrobras said.

Among the other assets included in the sale are E&P rights in the Egina field, which is in the development phase and expected to start production in late 2018, and in the Preowei field, which is still in the assessment phase.

French supermajor Total is the operator in the Akpo and Egina fields, while Chevron is the operator in the Agbami field, Petrobras said.

POGBV has about 204 million barrels of liquid reserves and is producing some 48,000 barrels per day (bpd), with output expected to rise to nearly 75,000 bpd by 2019, Petrobras said in a statement.

The POGBV sale is part of a wide-ranging asset divestiture program implemented by Petrobras to execute a massive restructuring aimed at reducing its high debt load.

Petrobrasís net debt totaled $89.26 billion as of June 30.

 

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