Brazilian oil firm Petrobras has auctioned its interest in the oil fields in Nigeria that would draw up to $5 billion as the company aims to get cash and embarks on a capital spending plan, sources familiar with the matter told Reuters.

According to people with knowledge on the sale, Petrobras plans to launch the auction in the next two months. It is also expected that many state oil companies from Asia will bid for the Nigerian oil fields as they hope to increase production assets in their respective portfolios.

Petrobras, formerly known as Petroleo  Brasileiro SA, currently has an 8% holding in the offshore Agbami blocks operated by American energy firm Chevron and 20% holding in the offshore Akpo project ran by French oil major Total.

The company hired Standard Chartered to manage the auction, the sources added.

Both the oil firm and the bank were not available to comment on the matter.