Petrobras says goodbye to the African continent

Petrobras concluded on Tuesday (14) the sale of its equity interest in Petrobras Oil & Gas B.V. (PO & GBV). The company produced oil off the coast of Nigeria. The Brazilian state-owned 50% of the company, in a joint venture with BTG Pactual E&P B.V.  Petrobras’ stake was sold to Canadian company Africa Oil Corp.

PO & GBV has stakes in the production of three Nigerian oil fields (Agbami, Akpo and Egina) and the average daily barrel for Petrobras was 34,000.

Petrobras’ stake in PO & GBV was sold to Canadians for $ 1.45 billion. According to a note issued by the Brazilian company to its investors, the operation “is in line with portfolio optimization and the improvement of the company’s capital allocation, aiming at generating value for its shareholders.”

The note also says that “with the closing of this transaction, Petrobras fully terminates its operational activities in Africa.

Present in Nigeria since 1998, when the Agbami field was discovered, Petrobras invested about US$ 2.2 billion in the African country just to start exploration and develop products in the fields where it operated.

With information from Agência Brasil