Petrobras reportedly puts Nigerian oil assets up for sale

3/27/2013

Petrobras reportedly puts Nigerian oil assets up for sale

BY JEFF FICK

RIO DE JANEIRO -- Petrobras has put its stake in two offshore oil fields in Nigeria up for sale, part of $9.9 billion in asset sales this year to raise cash for the Brazilian state-run energy company's massive investment plans, according to a report Wednesday from Reuters.

Citing people close to the matter, Reuters said that the sale could fetch up to $5 billion for Petrobras. Petrobras holds stakes in the Agbami and Akpo oil fields in Nigeria, which are operated by Chevron and Total, respectively.

Petrobras, which declined to comment on the report, wants to sell assets to raise cash for its $237 billion spending plan through 2017. The company is spending heavily to develop recently discovered offshore oil fields in the subsalt, an ultradeepwater region that is estimated to contain as much as 100 MMbbl of crude oil.

Dow Jones Newswires

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