Petrobras to sell JV stake to Vitol-led consortium

Image: vuringroup.com

Petrobras, the Brazilian state-owned oil company, has signed an agreement to sell its 50 percent stake in its Nigerian oil and gas exploration joint venture with BTG Pactual Exploration and Production to a Vitol-led consortium for $1.407 billion.

This comes after speculation earlier this week that Petrobras would most likely announce the sale of its stake in Petrobras Africa.

The consortium buying the assets comprises of Vitol Investment Partnership II (50 percent), Africa Oil (25 percent) and Delonex Energy (25 percent).

BTG Pactual will maintain its 50 percent stake in the Petrobras Oil & Gas JV.

In a statement released yesterday on behalf of the consortium, CEO of Delonex Energy, Rahul Dhir said: “We are delighted to join Vitol and Africa Oil in acquiring an interest in these high quality assets. These assets are operated by leading industry operators and have consistently outperformed expectations. This acquisition represents an important strategic step for our company.”

The completion of the sale is still subject to closing conditions, including approvals by Nigerian government bodies.

The transaction forms part of Petrobras’ $21 billion divestment portfolio for 2017 and 2018.