Brazil's Petrobas to sell its assets in Nigeria

April 22
5:36 PM 2014

Brazil’s Petrobas has been looking for buyers willing to purchase its assets in the oil industry of Nigeria valued $5 billion. This was even a public notice was already sent out more than a year ago for an expected deal to take place, according to a report from Ventures Africa.

Petrobas holds 8 percent in a Chevron operated oil bloc in Agbami offshore. Petrobas’ asset has around 900 million barrels of reserves. Meanwhile, the company also holds a lease of 20 percent in Akpo offshore which produces around 175,000 barrels a day managed by Total, a major French oil company.

However, in March last year, the company said that it would go on aggressively divesting its asset as it aims to fund “$237 billion five-year investment plan.” The plan would lessen its global assets and merge its local presence.

Petrobas CEO Maria das Graças Foster said that the company has been expecting to recover $9 billion from a sale of its Asset in Nigeria.

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