Deal Insight

Petrobras sells Africa assets to Vitol-led consortium

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14 November 2018

Petrobras sells Africa assets to Vitol-led consortium

Report summary

On 31 October, a subsidiary of Petrobras signed a Sale and Purchase Agreement (SPA) for the full sale of its 50% interest in Petrobras Oil & Gas BV (POGBV) to Petrovida Holding BV, a company formed by the partners Vitol Investment Partnership II Ltd (50%), Africa Oil Corp (25%) and Delonex Energy Ltd (25%). The consideration is US$1.407 billion. The upstream assets of POGBV are in deepwater Nigeria and include an 8% working interest in OML 127, which contains a unitised 62.5% of the producing Agbami field, operated by Chevron, and a 16% working interest in OML 130, operated by Total which contains the producing Akpo field; and the Egina field, expected onstream at the end of 2018. Gross production of 368,000 b/d is expected to increase to over 500,000 b/d by the end of 2019. The deal is the largest in Nigeria since 2014, but is contingent on the consortium fulfilling its funding obligations on the transaction and Nigerian ministerial consent.

Table of contents

Tables and charts

This report includes 6 images and tables including:

  • Executive summary: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1

What's included

This report contains:

  • Document

    Petrobras sells Africa assets to Vitol-led consortium

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