BTG Pactual and Petrobras sign US$1.5 billion African joint venture deal

africa-johnhill wikimedia commonsThe 50/50 JV company will hold assets currently owned by Petrobras. (Image source: John Hill/ Wikimedia Commons)BTG Pactual and Petrobras International Braspetro B.V. (PIBBV) have signed a US$1.5bn agreement to establish a joint venture (JV) for the exploration and production of oil and gas in Africa

Law firm Herbert Smith Freehills, who advised on the deal, said that the JV will be formed by investment firm BTG Pactual for 50 per cent of the shares issued by Petrobras Oil & Gas B.V. wholly owned by Brazilian energy company PIBBV.

Once the corporate restructuring has been completed, the 50/50 JV company will hold assets that are currently owned by Petrobras in Angola, Benin, Gabon, Namibia, Nigeria and Tanzania. The firm will also be the vehicle of choice for additional oil and gas investments in Africa.

The Herbert Smith Freehills team was led by energy partner Simon Tysoe, who was assisted by associates Elisabeth Armstrong, Daniel Driscoll, Yann Alix and Clare Pope.

Tysoe said, “This joint venture represents an important step for our client BTG Pactual in the African continent and in the oil and gas sector, which supports its growth and diversification strategy. We are delighted to have been able to advise on such an important strategic transaction.”

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