Petrobras starts sale process for deepwater Nigeria interests

Petrobras is offering for sale its equity interest in Petrobras Oil & Gas B.V., a joint venture with BTG Pactual E&P and Helios Investment Partners.

Offshore staff

RIO DE JANEIRO – Petrobras is offering for sale its equity interest in Petrobras Oil & Gas B.V. (POGBV), a joint venture with BTG Pactual E&P and Helios Investment Partners.

POGBV has stakes in Nigeria’s deepwater producingAkpo and Agbami oil fields; the current Egina development, where first production is expected in late 2018; and the Preowei discovery, currently undergoing appraisal.  

The joint venture company’s share of reserves from these fields is around 204 MMbbl, with current production of 48,000 b/d, due to rise to around 75,000 b/d in 2019.

Petrobras also reports the suspension by the President of Brazil’s Federal Regional Court for the 5th Region of an earlier injunction that sought to hold up a transaction with Brazil in the presalt Santos basin.

This concerned the agreed transfer of 22.5% of Petrobras’ stake in the Iara area and of 35% of its stake in the Lapa field to Total.

The sale process, part of thestrategic alliance signed earlier this year with Total, can now move forward.

11/09/2017

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