Petrobras, BTG Pactual form venture for E&P in Africa

Offshore staff

RIO DE JANEIRO – Petrobras and Banco BTG Pactual S.A. have agreed to establish a 50/50 joint venture for exploration and production in Africa. The joint venture will be formed when BTG Pactual purchases 50% of the shares issued by Petrobras Oil & Gas B.V. for $1.525 billion.

Once the restructuring is concluded, the operation will involve the branches in Angola, Benin, Gabon and Namibia, as well as the subsidiaries Brasoil Oil Services Co. (Nigeria) Ltd., Petroleo Brasileiro Nigeria Ltd., and Petrobras Tanzania Ltd.

6/24/2013

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