On 1 November 2019, Africa Oil Corp announced that it confirmed its intention to acquire Petroleo Brasileiro SA (Petrobras)'s 50% in a Nigerian oil and gas venture (Petrobras Oil & Gas BV - POGBV), despite the withdrawal of the Swiss-based trading company Vitol Group and the upstream company Delonex Energy in this acquisition. Africa Oil Corp remains the sole buyer. The new venture POGBV 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.  Africa Oil President and CEO Keith Hill commented âAfrica Oil Corp considers this to be a unique and transformational opportunity to acquire an increased interest in world class producing assets operated by Chevron and Total".  In early 2019, it was understood that the buyer will have to pay at least USD 1.4 Billion for the Brazilian companyâs 50% holding in POGBV. The other 50% stake is owned by Brazilian investment bank BTG Pactual, which intends to keep its stake for now. The deal is not expected to be ratified by the authorities before year-end 2019.  The Brazilian company originally agreed on 31 October 2018 to sell its 50% stake in a Nigerian oil and gas venture to a consortium led by Vitol Group (50%) partnering with Delonex Energy (25%) and Africa Oil Corp (25%).  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 (POGBV). Since 2013, POGBV 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.  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.
Nigeria, OML 127