Brazilian oil giant Petrobras to divest from its Nigerian operations

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Brazil’s national oil company Petrobras announced in a statement Tuesday, that it was offloading its Nigerian subsidiary as part of a massive divestment program, Xinhua reports.

It said that its Nigerian subsidiary, Petrobras Oil & Gas B.V. (POGBV), was being fully sold. Petrobras owns 50% of it, BTG Pactual E&P B.V. holds 40% and Helios Investment Partners owns the remaining 10%.

Petrobras has been embroiled in scandal since the revelation of a vast corruption ring involving its executives, business partners and government officials that embezzled billions of dollars over a decade.

The subsidiary participates in two Nigerian oilfields, Akpo and Agbami, operated by French oil giant Total, producing a total of 368,000 barrels a day. Petrobras is seeking to divest assets and gather around $21 billion by the end of 2018.