Petrobras selling subsidiary with deep-water assets offshore Nigeria

Brazil’s state oil firm Petrobras on Tuesday announced it is putting up for sale its minority shares in deep-water assets offshore Nigeria, according to Spanish news agency EFE.

It will do so by selling its subsidiary Petrobras Oil & Gas BV (POGBV) which has stakes in blocks that contain the Akpo and Egina fields (where Total is the operator) and the Agbami field (where Chevron is the operator). The fields are south of Port Harcourt.

Petrobras has a 50% stake in POGBV, with BTG Pactual E&P BV (40%) and Heilos Investment Partners (10%).

Plagued by long-term drops in oil price and by fallout from a huge bribery scandal, Petrobras has been selling assets at home and abroad to reduce its huge debts.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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