On 10 July 2018, a Brazilian media reported that Petroleo Brasileiro SA (Petrobras) was nearing a saleâs agreement regarding the divestment of its two large producing blocks in Nigeria, estimated to worth USD 1.3 Billion. The buyer would be a consortium led by trading company Vitol Group partnering with upstream companies Delonex and Africa Oil (part of Lundin Group), who already entered in exclusive talks with Petrobras on 18 June. Once the saleâs agreement is confirmed, the deal is not expected to be ratified by the authorities before 2019, mainly due to the current trial regarding Equinorâs stake in Agbami producing field.  The new venture Petrobras Oil & Gas BV had 16% working interest in Total-operated OML 130 (Akpo and Egina producing/developing fields), 12.49% in Chevron-operated Agbami producing field, and also 8% working interest in Chevron-operated OML 127 block.  In early May 2018, three groups of trading and upstream companies reportedly submitted bids to acquire Nigerian Petrobras stakes. Vitolâs consortium appeared as the preferred bidder, while other interested parties included Glencore (together with Nigerian company Seplat and Maurel & Prom) and Famfa Oil, together with Royal Dutch Shell.  Petroleo Brasileiro SA is looking at selling its 50% stake in Petrobras Oil & Gas BV, a new venture also composed by investment bank BTG Pactual (40%) and Helios Investment Partners (10%). This divestiture plan from Brazilian company Petrobras had already been initiated in May 2016, when Brazilian bank BTG Pactual was also looking at selling its stake in the Petrobras Oil & Gas BV joint venture. Since 2013, Petrobras Oil & Gas BV joint venture relinquished assets in Angola, Benin, Gabon, Namibia, and Tanzania.   Background information  In June 2013, Petrobrasâ affiliate Petrobras International Braspetro B.V. (PIBBV) concluded a USD 1.525 billion deal with investment bank BTG Pactual for a 50% stake in its various Exploration and Production projects in Africa. The Joint venture was formed via BTG Pactual and its clients acting through the BTG Pactual Vehicle, acquiring a 50% stake in Petrobras Oil & Gas B.V (formally a 100% owned subsidiary of PIBBV). Upon conclusion of the deal the bank acquired interests in Angola, Nigeria, Libya, Benin, Gabon, Namibia and Tanzania.
On 10 July 2018, a Brazilian media reported that Petroleo Brasileiro SA (Petrobras) was nearing a saleâs agreement regarding the divestment of its two large producing blocks in Nigeria, estimated to worth USD 1.3 Billion. The buyer would be a consortium led by trading company Vitol Group partnering with upstream companies Delonex and Africa Oil (part of Lundin Group), who already entered in exclusive talks with Petrobras on 18 June.