Nigeria: Petrobras Sells Assets in Nigeria, Ends Activities in Africa

press release

Brasilia, Brazil — Petrobras finalized the sale of its shares at Petrobras Oil & Gas B.V. (PO&GBV), the company producing oil in Nigeria, on Africa's west coast. The Brazilian state-controlled firm had 50 percent of the company, in a joint venture with BTG Pactual E&P B.V, and sold its shares to Canada's Africa Oil Corp. for $1.45 billion.

According to a note released Tuesday evening (Jan. 14) by Petrobras, the transaction "is in line with the optimization of the portfolio and the improvement in the company's capital allocation, aiming at generating value for its shareholders."

PO&GBV held shares in the production of three Nigerian oil fields--Agbami, Akpo, and Egina--with a 34 thousand daily average of barrels for Petrobras. The move marks the end of the company's activities in Africa.

SOURCE Agência Brasil - Empresa Brasil de Comunicação S/A - EBC

See What Everyone is Watching

More From: PR Newswire

Don't Miss

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.