Vitol and partners to buy Nigeria assets

A Vitol-led consortium has surfaced as having exclusive talks to acquire Nigerian offshore fields held by Petrobas.

Energy and commodities company, Vitol and several partners are set to acquire stakes in Nigerian offshore fields. The group led by Vitol Canada-based Africa Oil and Delonex Energy — a Warbus Pincus investment that focuses on oil and gas exploration in Central and East Africa.

The consortium is currently in exclusive talks to acquire the $2.5bn assets from Brazilian Multinational Corporation, Petrobas. The deal, if successful, will offer Vitol and its partners a stake in some of Nigeria’s lowest-cost fields. According to reports by Reuters, Vitol is expected to shoulder the largest part of the investment, spending an estimated $1bn

When the sale was initially announced in November 2017, Petrobas said, “we are at the teaser stage for the opportunity regarding the process of divesting 100 percent of our interest in Petrobas Oil & Gas B.V (POGBV), a joint venture formed by us (50 percent), BTG Pactual E&P B.V (40 percent), and Helios Investment Partners (10 percent). We are leading the sales process.”

Assets in the sale include two world-class deepwater blocks in Nigeria, the Akpo and Agbami production fields, the Egina field, the Preowei discovery, the Akpo and Egina fields operated by Total, and Agbami field operated by Chevron.