Brazilian Petrobras puts assets in Nigeria for sale

Brazil's state-owned Petrobras announced today it will sell 100% of its stake in Petrobras Oil & Gas B.V.

Sao Paulo, Nov. 7 (EFE) .- Brazilian state-owned Petrobras announced today that it will sell 100% of its stake in Petrobras Oil & Gas B.V. oil company.

Petrobras Oil & Gas B.V. to explore and produce oil.

According to a statement sent to the financial market, POGBV has participation in two areas in deep waters of Nigeria, where the producing fields of Akpo and Agbami.

Also included in the offer is the Aegina field, in the development phase and with forecast to start production at the end of 2018, and Preowei, whose discovery is currently being evaluated.

Petrobras reported that the Akpo and Aegina fields are operated by Total, while the Agbami fields are operated by Chevron.

"La Appropriation of the liquid reserves of the POGBV totals approximately 204 million barrels and the current production is 48,000 barrels per day, with the expectation of reaching close to 75,000 barrels per day until 2019, "the oil company said in the note.

The announcement is only the first stage of the sale process, already carried out by Petrobras with other assets within its scope. ambitious and vast divestment program.

The state, one of the most indebted oil companies in the world, has been developing an asset sale program since 2015 to finish the sale of a serious economic crisis, which was aggravated by the multiple corruption scandals uncovered inside.

With this divestment plan, Petrobras intends to restructure for reduce its size and a bulky net debt that came in the first half of this year to 89,263 million dollars.

For the period 2017-2018, the state expects to sell assets for 21,000 million dollars, which will be added to the 13,600 million dollars obtained in the immediately previous biennium.

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