November 7, 2017 / 11:58 AM / 13 days ago

Brazil's Petrobras announces African oil venture stake sale

SAO PAULO (Reuters) - Brazil’s state-run oil company, Petróleo Brasileiro SA (PETR4.SA), on Tuesday revealed plans to sell its stake in an African oil exploration venture as part of a wider divestment plan.

A man walks past the Brazil's state-run Petrobras oil company headquarters in Rio de Janeiro, Brazil April 13, 2017. REUTERS/Ricardo Moraes

Petrobras, as the company is known, is looking to sell its 50 percent stake in Petrobras Oil & Gas BV, or Petrobras Africa. BTG Pactual E&P BV, a subsidiary of Grupo BTG Pactual SA, holds a 40 percent stake in the joint venture, while Helios Investment Partners owns the remaining 10 percent.

Petrobras, the world’s most indebted oil company and focus of a massive corruption scandal, is seeking to offload $21 billion in assets through 2018 and has moved aggressively to cut debt.

Petrobras Africa participates in two deepwater oil exploration blocks off the coast of Nigeria that contain the Akpo and Agbami producing fields and are operated by Total SA (TOTF.PA) and Chevron Corp (CVX.N) respectively.

Reporting by Ana Mano and Alexandra Alper; Editing by Jason Neely and Steve Orlofsky

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