Petroleum Africa
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Monday, June 17, 2013
Petrobras International Braspetro BV (PIBBV), a unit of Brazil’s state-run firm Petrobras, entered into a binding agreement to establish a 50/50 JV with Banco BTG Pactual S.A. for oil and gas exploration and production in Africa.
According to Petrobras the partnership represents a promising investment opportunity in Africa’s E&P sector and will be the preferential vehicle of the two for new investments oin the continent.
The JV will be formed upon the acquisition, by BTG Pactual and its clients acting through the BTG Pactual vehicle, of 50% of the shares issued by Petrobras Oil & Gas B.V. (PO&G), currently wholly owned by PIBBV, for a total of $1.525 billion.
Once the corporate restructuring is concluded, the operation will involve the branches located in Angola, Benin, Gabon and Namibia, as well as the subsidiaries Brasoil Oil Services Co. (Nigeria) Ltd., Petroleo Brasileiro Nigeria Ltd., and Petrobras Tanzania Ltd.
The partnership was approved by Petrobras’ Board of Directors at a meeting and the closing is expected to be executed by the end of June.
The operation represents an important step for the Brazilian firm’s divestment program and allows for the company to expand its operations in the continent. It also allows for the company to share the investments required for expansion and development of its reserves on the continent.
For BTG Pactual, the operation represents a step toward investment opportunity generation in the African continent and in the oil and gas segment, in accordance with the growth strategy of its asset and investment management activities, in addition to fostering the continuous expansion and diversification of the product portfolio available to its clients.
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