Petrobras Sells Stake in Africa Unit

Thursday, November 1, 2018

Brazil's Petroleo Brasileiro SA will sell its 50 percent stake in a Nigerian oil and gas exploration venture to a consortium led by top oil trader Vitol for $1.53 billion, the latest step in the state-controlled oil company's debt reduction drive, according to a securities filing on Wednesday.

The other 50 percent stake in Petrobras Oil and Gas BV, also known as Petrobras Africa, is owned by Brazilian investment bank BTG Pactual, which in a Wednesday filing confirmed a Reuters report that it would likely hang on to its portion after previously mulling a sale.

Petrobras, one of the world's most indebted oil majors, had targeted $21 billion in asset sales for 2017 and 2018, but only succeeded in unloading $9.5 billion worth by the end of the first half.

The deal involves a stake in some of two deepwater exploration blocks that are among Nigeria's largest and lowest-cost fields. Swiss-based Vitol is expected to shoulder the largest part of the investment, spending an estimated $1 billion, according to a Reuters report in June about the oil trader's interest.

Vancouver-based Africa Oil Corp and Delonex Energy, an Africa-focused oil company, are members of the consortium.

Petrobras earlier this year sold a 25 percent stake in Roncador, one of Brazil's largest oil fields, to Norway's Equinor ASA for about $2 billion.

It is also in talks to sell its TAG gas pipeline unit, probably to a group led by France´s Engie SA, for more than $7 billion, although the process has been halted by a Brazilian Supreme Court injunction.

A source with direct knowledge of Petrobras' operations told Reuters on Tuesday that the oil company wished to obtain an additional $20 billion through asset sales through the end of next year.


(Reporting by Marcelo Rochabrun; Editing by Chris Reese and Peter Cooney)

Categories: Finance Contracts Africa Deepwater Offshore Energy Industry News

Related Stories

ADNOC Gas Signs $3B LNG Supply Deal with India’s HPCL

Woodside to Supply LNG to JERA During Japan's Winter Peak

OceanMight Gets Petronas’ Offshore Construction Job in Malaysia

ADNOC Takes FID on SARB Deep Gas Project Offshore Abu Dhabi

Pakistan Greenlights TPOC-Led Offshore Exploration in Block-C

MODEC Forms Dedicated Mooring Solutions Unit

Eneos Warns on Skyrocketing Costs fo Offshore Wind

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

MDL Secures Cable Laying Job in Asia Pacific

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Current News

ADNOC Gas Signs $3B LNG Supply Deal with India’s HPCL

Samos Energy Buys Suksan Salamander FSO from Altera Infrastructure

Philippines Makes First Offshore Gas Discovery in Over a Decade

Woodside to Supply LNG to JERA During Japan's Winter Peak

Fugro, PTSC G&S Extend Partnership for Vietnam's Offshore Wind Push

Thailand's Gulf Energy Eyes Long-Term LNG Supply

OceanMight Gets Petronas’ Offshore Construction Job in Malaysia

Vantris Energy Lands Petronas Job on Malaysia’s Offshore Fields

Murphy Oil Appraisal Well Boosts Resource Outlook at Field off Vietnam

Viridien Kicks Off Multi-Client Reimaging Program off Malaysia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com