-2.1 C
New York City
Wednesday, May 29, 2024
Home NEWS Nigeria Brazil’s Petrobas to sell Nigerian business

Brazil’s Petrobas to sell Nigerian business

[dropcap]B[/dropcap]razil’s state-owned oil company Petroleo Brasileiro SA (Petrobras) is leading an effort to sell Petrobras Oil and Gas BV (Petrobras Africa),involved in two deepwater oil exploration blocks off the coast of Nigeria.

The blocks are Akpo and Agbami producing fields and are operated by Total SA and Chevron Corp respectively.

Petrobas is being joined in the sale by shareholders Grupo BTG Pactual SA and Helios Investments, it said on Thursday.

Heavily indebted Petrobras announced plans this week to sell its 50 percent stake, and began sending information on the company to potential investors.

It has been joined in the sale by BTG Pactual E&P BV, a subsidiary of investment bank Grupo BTG Pactual SA, and Helios Investments, who will offer their respective 40 percent and 10 percent stakes.

Grupo BTG Pactual tried to sell its stake separately earlier this year. It held talks with a group of Nigerian investors but failed to reach an agreement, a source with knowledge of the matter told Reuters.

BTG Pactual did not immediately comment.

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

 

Most Popular

Test-Drivers Spin Chery through Lagos Third mainland Bridge

…As Drive Event Lights Up Carloha Showroom in Alapere As earlier announced, Carloha Nigeria, over the weekend, released to interested test-drivers its latest Chery vehicles...

Pi-CNG Inaugurates First CNG Installation Facility in Lagos

The Presidential CNG Initiative, a component of the Palliative Intervention of President Bola Ahmed Tinubu administration, working towards reducing the country's dependency on fossil...

Osanipin Bags Courageous Leadership Award, Commends President Tinubu on CNG Adoption

The Director General National Automotive Design and Development Council (NADDC) Mr Oluwemimo Joseph Osanipin has been conferred with "Courageous Leadership Award" in view of...

Nigeria to Begin Emission Test on Imported Vehicles

The Federal Government of Nigeria has concluded plans to start conducting emission tests on vehicles imported into the country. Dr Yakubu Baba, Registrar, Environmental Health...