Brazil's Petroleo Brasileiro SA will sell its 50% stake in a Nigerian oil and gas exploration venture to a consortium led by top oil trader Vitol for $1.53-billion, the latest step in the state-controlled oil company's debt reduction drive, according to a securities filing on Wednesday.
The other 50% stake in Petrobras Oil and Gas BV, also known as Petrobras Africa, is owned by Brazilian investment bank BTG Pactual, which in a Wednesday filing confirmed a Reuters report that it would likely hang on to its portion after previously mulling a sale.
Petrobras, one of the world's most indebted oil majors, had targeted $21-billion in asset sales for 2017 and 2018, but only succeeded in unloading $9.5-billion worth by the end of the first half.
The deal involves a stake in some of two deepwater exploration blocks that are among Nigeria's largest and lowest-cost fields. Swiss-based Vitol is expected to shoulder the largest part of the investment, spending an estimated $1-billion, according to a Reuters report in June about the oil trader's interest.
Vancouver-based Africa Oil Corp and Delonex Energy, an Africa-focused oil company, are members of the consortium.
Petrobras earlier this year sold a 25% stake in Roncador, one of Brazil's largest oil fields, to Norway's Equinor ASA for about $2-billion.
It is also in talks to sell its TAG gas pipeline unit, probably to a group led by France´s Engie SA, for more than $7-billion, although the process has been halted by a Brazilian Supreme Court injunction.
A source with direct knowledge of Petrobras' operations told Reuters on Tuesday that the oil company wished to obtain an additional $20-billion through asset sales through the end of next year.