Petrobras signs agreement for $1.53bn to fund Nigeria project, others

Maria_das_Graças_Foster_brazil_oil_petrobras15 June 2013, News Wires – Petrobras said late Friday it has signed a $1.53 billion deal with investment bank BTG Pactual for a 50% stake in its various exploration and production projects in Africa.

The Sao Paulo-headquartered bank will participate in work underway by offices of the Brazilian state-led company in Angola, Benin, Gabon, Namibia, Tanzania and Nigeria.

Petrobras is amid a roughly $10 billion programme to sell off assets as it works to fund huge capital committments in Brazil and elsewhere.

“The formation of this joint venture is an important step for Petrobras under its divestment programme, allowing the expansion of its operations in Africa and the sharing of investment required for the expansion and development of its reserves,” Petrobras said in a statement.

Deals in Africa have been piecemeal thus far, with the Brazilian giant selling off a piece of a Tanzania interest to Statoil.

The agreement will be the “preferred vehicle for new investments of this nature on the continent,” Petrobras said in a statement.

– Upstream

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