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Petrobras cleared for Brazil sale, starts Nigeria sell-off process

Written by  OE Staff Wednesday, 08 November 2017 03:50

An injunction stopping Petrobras selling 22.5% of its stake in the Iara area and transfering 35% stake in the Lapa field, both offshore Brazil, to Total has been lifted. The sale and transfer were part of a Strategic Alliance agreement signed with Total in March this year. 

Meanwhile, Petrobras informs has initiated the sale of Petrobras Oil & Gas, a Nigeria-focused joint venture formed by Petrobras (50%), BTG Pactual E&P (40%) and Helios Investment Partners (10%). Petrobras is leading the sale process.

POG owns interests in two Nigerian deepwater offshore blocks, which contain the producing Akpo and Agbami fields, the ongoing Egina oil development, with first production expected in late 2018, and the Preowei discovery, which is currently being appraised.  

The giant Akpo and Egina fields are operated by Total and Agbami by Chevron. POGBV’s net entitlement reserves amount to approximately 204 MMbbl with current production of 48,000bbl/d and expectation to reach around 75,000/day by 2019.

Tensions have flared in Nigeria in recent weeks with militant group the Niger Delta Avengers threatening to cripple the country after ending a cease fire. Last year attacks by the group reduced oil output in Nigeria to its lowest in three decades, reducing the country's income.

The group has said that oil installations will be targeted. Within the last 24 hours, there have been reports of military helicopters on Sunday destroying oil storage barges, reported to have been stolen by the NDA. 

Image: Chevron's Agbami FPSO. 

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