Petrobras Rumored to be Selling Interests in Two Nigerian Offshore Oil and Gas Assets for US$5 Billion to Support its 2013 - 2017 Capital Expenditure Plan - Deal Analysis from GlobalData
Petroleo Brasileiro S.A. (Petrobras) is rumored to be selling its minority interests in Nigerian offshore oil and gas assets in an auction process. The transaction is estimated to be valued at approximately US$5 billion. Currently, Petrobras holds interests in two fields located in the deep waters of the Niger Delta: the Agbami field, operated by Chevron Corp, and the Akpo field, operated by Total SA. The Agbami field is located between the OML-127 and OML-128 blocks. The Akpo field is in the OML-130 block. Petrobras has hired Standard Chartered PLC as the exclusive advisor for the divestment of assets. The divestment is expected to start in May 2013.
The report analyzes the rationale behind Petrobras' rumored plan to sell its interests in the Agbami and Akpo fields in offshore Nigeria
The report provides information on increasing debts and dwindling cash for Petrobras, prompting the company to consider divesting overseas assets.
Geography Covered – Nigeria
Reasons to buy
To know that Petrobras' rumored plan to sell its interests in the Agbami and Akpo fields in offshore Nigeria will support the company's 2013-2017 capital expenditure plan
To understand that the sale of interests in the two fields will help Petrobras to increase its cash flows and reduce debts
To know that national oil companies from Asia could bid for Petrobras’ Nigerian assets