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Petrobras Has Reached ‘Some’ Accords to Sell African Assets

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Oct. 29 (Bloomberg) -- Petroleo Brasileiro SA, Latin America’s largest company by market value, is in talks to sell assets in Africa as it seeks to spend $236 billion over five years while developing crude reserves off the shore of Brazil.

Talks are being held to sell “some” African assets, either fully or to form joint ventures in which Petrobras, as the oil producer is known, would not have to be the operator, Chief Financial Officer Almir Barbassa told reporters in Rio de Janeiro.

Petrobras aims to generate $14.8 billion from the sale and restructuring of assets as it seeks to focus on the development of the so-called pre-salt oil reserves under the Atlantic Ocean seabed, according to its 2012-2016 business plan presented in June. The company said Sept. 17 it would seek to sell oil fields in the Gulf of Mexico for $8 billion next year.

Petrobras’s assets in Africa include the Egina and Ajoi fields in Nigeria, stakes in off-shore blocks in Angola, in which oil has been discovered, and an exploration in Namibia, according to the company’s website.

To contact the reporter on this story: Rodrigo Orihuela in Rio de Janeiro at rorihuela@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

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