Vitol Enters Talks for Petrobras’ Nigerian Business

Tuesday, June 19, 2018

A Vitol-led consortium has reportedly entered into exclusive talks to acquire stakes in Nigeria from Brazil’s state-run oil and gas firm Petrobras. The assets are located offshore Nigeria and are worth an estimated $2.5 billion.

According to a Reuters report, the Vitol-led group emerged as winners from a number of firms and consortiums that bid for the assets in two initial rounds.

Petrobras’ assets on the market include its stake in the Agbami oil field which produces around 240,000 bpd. Petrobras holds a 12.5% stake in the field.

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