Petrobras (PBR) Aims to Unload Nigerian Assets in $5B+ Deal
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Petrobras (NYSE: PBR) is commencing an auction for it interest in Agbami and Akpo fields offshore Nigeria.
The sale could draw up to $5 billion by some estimates.
Petrobras currently holds an 8 percent interest in Chevron (NYSE: CVX)-controlled offshore Agbami blocks and 20 percent in Total (NYSE: TOT)-controlled Akpo project, Reuters noted Wednesday morning.
Agbami has an potential output of 250,000 barrels of crude per day with estimated reserves of 900 million barrels.
Akpo output could reach 175,000 barrels per day with reserves of 620 million barrels. The play also has output of 9 million cubic meters of nat gas with reserves of 28 billion cubic meters of gas.
Standard Chartered will be running the auction process.
Shares are down 1.3 percent early.
The sale could draw up to $5 billion by some estimates.
Petrobras currently holds an 8 percent interest in Chevron (NYSE: CVX)-controlled offshore Agbami blocks and 20 percent in Total (NYSE: TOT)-controlled Akpo project, Reuters noted Wednesday morning.
Agbami has an potential output of 250,000 barrels of crude per day with estimated reserves of 900 million barrels.
Akpo output could reach 175,000 barrels per day with reserves of 620 million barrels. The play also has output of 9 million cubic meters of nat gas with reserves of 28 billion cubic meters of gas.
Standard Chartered will be running the auction process.
Shares are down 1.3 percent early.
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