Petrobras and Banco BTG Pactual S.A., in compliance with CVM Rule 358/2002 announced in a statement that Petrobras International Braspetro B.V., controlled by Petrobras, and an investment vehicle managed and advised by BTG Pactual, entered into a binding agreement to establish a 50/50 joint venture for oil and gas exploration and production in Africa.
The joint venture will be formed upon the acquisition, by BTG Pactual and its clients acting through the BTG Pactual Vehicle, of 50 per cent of the shares issued by Petrobras Oil & Gas B.V. (“PO&G”), currently wholly owned by PIBBV, for $1.525 billion. Once the corporate restructuring currently in progress is concluded, the operation will involve the branches located in Angola, Benin, Gabon and Namibia, as well as the subsidiaries Brasoil Oil Services Company (Nigeria) Ltd., Petroleo Brasileiro Nigeria Ltd. and Petrobras Tanzania Ltd.
“This partnership between Petrobras and BTG Pactual represents a promising investment opportunity in E&P in Africa and will be the preferential vehicle of the two parties for new investments of such nature in the continent,” the statement said.
The partnership was approved by Petrobras’ Board of Directors at the meeting held Wednesday and the closing is expected to be executed by the end of June.
The operation represents a step for Petrobras’ Divestment Program, allowing for the expansion of its operations in Africa and the sharing of investments required for expansion and development of its reserves.
For BTG Pactual, the operation represents a step toward investment opportunity generation in the African continent and in the oil and gas segment, in accordance with the growth strategy of its asset and investment management activities, in addition to fostering the continuous expansion and diversification of the product portfolio available to its clients, the statement said.
