Corporate M&A

Africa Oil Closes Acquisition of Petrobras’ 50% Stake in African Joint Venture

By Shriya Bhargava
January 15, 2020
a minute read
Oil Rig Off Sea Point Beach Capetown

Lundin Group company Africa Oil Corp. has completed its acquisition of a 50% stake in Petrobras Oil & Gas BV (POGBV) from Brazilian state-owned Petroleo Brasileiro SA. The US$1.5 billion deal marks Petrobras’ exit from Africa. POGBV was formed in 2013 as a joint venture between Petrobras (50%), financial services group Banco BTG Pactual SA (40%), and private equity firm Helios Investment Partners (10%). The Company currently holds non-operated interests in various Nigerian deep-water assets including OML 127 (containing the producing Agbami Field) and OML 130 (containing the producing Akpo Field and the Egina Field, as well as the Preowei discovery currently under development). Petrobras had launched a formal sale process in November 2017 to market its 50% stake. Subsequently, in October 2018, a consortium made up of Africa Oil along with international commodity trading firm Vitol and privately held E&P company Delonex Energy entered into an agreement to acquire the stake, but Vitol and Delonex subsequently withdrew from the consortium in November 2019.

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