Petrobras sells assets in Nigeria, ends activities in Africa

Petrobras finalized the sale of its shares at Petrobras Oil & Gas B.V. (PO&GBV), the company producing oil in Nigeria, on Africa’s west coast. The Brazilian state-controlled firm had 50 percent of the company, in a joint venture with BTG Pactual E&P B.V, and sold its shares to Canada’s Africa Oil Corp. for $1.45 billion.

According to a note released Tuesday evening (Jan. 14) by Petrobras, the transaction “is in line with the optimization of the portfolio and the improvement in the company’s capital allocation, aiming at generating value for its shareholders.”

PO&GBV held shares in the production of three Nigerian oil fields—Agbami, Akpo, and Egina—with a 34 thousand daily average of barrels for Petrobras. The move marks the end of the company’s activities in Africa.