Petroleum Africa
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Monday, March 12, 2018
Petrobras has started the binding phase in the process to sell off its business in Africa. According to a securities filing, the Brazilian firm is selling 100% of its subsidiary, Petrobras Oil & Gas B.V. (POGBV), or Petrobras Africa.
In this phase, Petrobras will instruct interested investors on how to proceed with due diligence and to present the binding proposals.
The subsidiary participates in two deepwater oil exploration blocks offshore Nigeria, OMLs 127 and 130. The blocks contain the Akpo and Agbami producing fields operated by Total and Chevron respectively. They also contain the Egina development which is set to come onstream later this year.
Petrobras Africa’s net entitlement reserves amount to approximately 204 million barrels with current production of 48,000 bpd and expectation to reach around 75,000 bpd next year.
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