Petrobras to Exit Nigeria Offshore Field Quartet
Tuesday 7 November 2017
Petrobras is looking to get out of a quartet of fields off Nigeria, including exiting Total's under-development Egina scheme, which last week was subject to threats of sabotage by a local militant group.
The Brazilian state player has initiated the opportunity disclosure - so-called 'teaser' - stage for the intended sale of the clutch of assets, it said in a regulatory filing on Tuesday.
Petrobras is leading the sale of 100% equity interest of Petrobras Oil & Gas BV (POGBV), a joint venture in which it holds 50% and is joined by BTG Pactual E&P on 40% and Helios Investment Partners on 10%.
POGBV holds stakes in the Total-operated Akpo and Egina deep-water fields, as well as in the Chevron-operated Agbami field and the Sapetro-operated Preowei discovery, which is currently being appraised.
Akpo, Egina and Preowei are all on OML 130, while the Agbami project is on OMLs 127 and 128.
French supermajor Total operates the Egina field with a 24% interest and is partnered by China National Offshore Oil Corporation (45%), Petrobras (16%), state-owned Nigerian National Petroleum Corporation (10%) and Sapetro, also of Nigeria (5%).
The Egina floating production, storage and offloading unit recently set sail from Samsung Heavy Industries in South Korea, destined for Nigerian waters. Late last week militant group the Niger Delta Avengers issued threats against Total and the floater.
“We are presently tracking and monitoring its movement; and God willing it shall not operate successfully in amidst the return of the fury of the Niger Delta Avengers," the group said in a menacing announcment that also threatened "brutish, brutal and bloody" assaults on oil companies and oil infrastructure in Nigeria.
The Agbami FPSO came online in 2008.