Canada-based Africa Oil Corp has agreed to acquire a 50 per cent stake in Petrobras Oil and Gas, which owns a stake in producing assets in deepwater Nigeria
The company has entered into an amendment to the share purchase agreement signed between Petrobras International Braspetro BV and Petrovida Holding in 2018.
Petrovida was formed by the Africa Oil, Delonex Energy and Vitol Investment Partnership consortium to acquire an ownership interest in Petrobras Oil and Gas BV (POGBV).
However, Vitol and Delonex withdraw from the previously announced purchase of 50 per cent of the share capital of POGBV.
The primary assets of POGBV are an indirect eight per cent interest in Oil Mining Lease (OML) 127, which includes the Agbami Field producer, operated by Chevron Corporation affiliates, and an indirect 16 per cent interest in OML 130, operated by TOTAL SA affiliates, which includes the Akpo and Egina producing fields.
The company remains committed to completing the transaction on the terms previously announced, subject to all necessary regulatory and third-party approvals, including the Department of Petroleum Resources (DPR) in Nigeria.
Africa Oil President and CEO Keith Hill commented, “Africa Oil considers this to be a unique and transformational opportunity to acquire an increased interest in world-class producing assets operated by Chevron and TOTAL. We remain committed to completing this acquisition and look forward to working with Petrobras and all stakeholders to accomplish that goal.”