POGBV is a joint venture in the Netherlands formed by Petrobras International Braspetro and BTG Pactual E&P with each holding 50% stake.

Following the completion of the transaction, BTG Pactual E&P B.V. will continue to hold its stake in POGBV.

POGBV holds an indirect 8% interest in oil mining lease (OML) 127, which contains the producing Agbami Field, operated by affiliates of Chevron.

The company also owns an indirect 16% interest in OML 130, operated by affiliates of Total, which contains the producing Akpo field and the Egina field.

The Egina field is expected to begin production by the end of 2018.

Located more than 100km offshore Nigeria, the three fields in the two licenses are all giant fields. Agbami and Akpo fields began production in 2008 and 2009, respectively. In 2017, the two fields averaged a combined gross production rate of approximately 368,000 barrels of oil per day.

Petrobras share in the current production of the assets is about 21 thousand barrels of oil equivalent per day (boed).

The closing of the transaction is subject to securing approvals by relevant Nigerian government authorities.

Vitol CEO Russell Hardy said: “Vitol has a long history of investing in Nigeria’s energy sector. We are pleased and proud to add this significant upstream asset to our infrastructure and downstream Nigerian investments.

“POGBV has a strong non-operated portfolio, managed by Chevron and Total, and which represents circa 20% of Nigerian production. Vitol looks forward to growing and investing in Nigeria.”

The consortium acquiring the stake in the producing assets in deepwater Nigeria include Africa Oil with 25% stake, Delonex Energy with 25% and Vitol Investment Partnership II holding the remaining 50%.

Africa Oil CEO Keith Hill said: “We are very pleased to be able to join Vitol and Delonex in acquiring an interest in these established, low unit cost, producing assets, with additional appraisal and development upside, that are operated by some of the best companies in the industry.

“With the addition of production and cash flow, Africa Oil will transform into a significant, Africa-focused, independent oil company.”