Vitol-led consortium to buy Nigeria’s oil and gas assets
Petrobras set to sell its oil and gas assets in Nigeria. (Image source: anax44/Flickr)A consortium led by the Netherlands-based oil trader Vitol is planning to acquire stakes in Nigerian offshore fields, which are held by Brazil's Petrobras and its partners
As reported by Reuters, the consortium includes Vitol, Vancouver-based Africa Oil and Delonex Energy, Africa-focused oil and gas company, backed by private equity fund Warburg Pincus and the International Finance Corporation (IFC).
The assets are valued at about US$2.5bn, said the source.
The deal is expected to provide the Vitol-led consortium with a stake in some of Nigeria's oil and gas assets. The company is set to shove the big chunk of the investment, spending an amount of US$1bn, reinforced the source.
A number of international players including Glencore bid to acquire Petrobras’ African oil and gas assets.
Petrobras launched the sale of Petrobras Oil & Gas BV, in which the company has 50 per cent stake, following plans to offload US$21bn in assets through 2018, according to the source.
The source further added that Scotiabank is advancing the sale process with Evercore.