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Petrobras Withdrawing From Three Deepwater Nigeria Projects

Petrobras is withdrawing from three Nigeria deepwater projects following sale of its stake in the assets.

Petrobras International Braspetro has agreed to sell its 50percemt interest in Petrobras Oil & Gas (PO&GBV) to Petrovida Holding for up to $1.53 billion.

Petrovida Holding is a company formed by Vitol Investment Partnership II, Africa Oil Corp., and Delonex Energy.

PO&GBV, a joint venture in the Netherlands between Petrobras and BTG Pactual E&P, has two main assets in Nigeria.

These are an 8percent stake in the Oil Mining Lease (OML) 127 block, containing the deepwater Agbami oil field, and a 16percent share of the OML 130 block, containing the producing Akpo field and the Egina field, which is in the final stages of development.

Net share of production from these assets to Petrobras is currently around 21,000 boe/d.

The sale of PO&GBV is part of the Petrobras Partnership and Divestment Program, in line with the company’s 2018-2022 Business and Management Plan and its increased focus on presalt investments off Brazil.

 

Source: Offshore

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