PetroVida Holding BV’s $1.407 Million Acquisition of 50% interest in Petrobras Oil & Gas B.V.

Vinson & Elkins, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga, Herbert Smith Freehills and Linklaters advised on the deal

Petróleo Brasileiro S.A. subsidiary Petrobras International Braspetro B.V. signed today a Sale and Purchase Agreement – “SPA”, related to the full sale of its 50% interest in Petrobras Oil & Gas B.V. to Petrovida Holding B.V., a company formed by the partners Vitol Investment Partnership II Ltd, Africa Oil Corp and Delonex Energy Ltd.

PO&GBV is a joint venture in the Netherlands formed by PIBBV (50%) and BTG Pactual E&P B.V. (50%), with assets located in Nigeria. It has an 8% stake in the OML 127 block, where the Agbami producing field is located, and a 16% stake in the OML 130 block, with the Akpo producing field and the Egina field, in final stage of development, without the operatorship of any field. The current production of the PO&GBV assets is about 21 thousand boe/day (Petrobras share).

The transaction will involve a total amount of up to US$ 1.530 billion, with a cash payment of US$ 1.407 billion, subject to adjustments until the closing of the transaction, and a deferred payment of up to US$ 123 million, to be settled as soon as the Agbami field redetermination process is implemented.

The closing of the transaction is subject to the fulfillment of usual precedent conditions, such as obtaining approvals by relevant Nigerian government bodies.

The sale of PO&GBV was the result of a competitive process and is part of the Petrobras Partnership and Divestment Program, in line with the 2018-2022 Business and Management Plan and its ongoing portfolio management, with focus on pre-salt investments in Brazil.

Vinson & Elkins advised PetroVida Holding BV with Alexander Msimang (Picture), Shaun Lascelles, Simon Rootsey, Chris Strong, John Dawson, Jenny Doak, William Vigdor, Amy Lamoreux Riella, Charlotte Lewis-Williams, Evlogi Kabzamalov, Kristen Eddy, Nadine Amr, Ka-Mun Fu, Jing Ng, Simrita Chadha, Ryan Will, Rebecca English.

Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados advised Giovani Loss, Felipe Feres, Renato Portella and Romero Cabral da Costa Neto.

Herbert Smith Freehills advised BTG Pactual E&P B.V with Steven Dalton, Laura Hulett, Reza Dadbakhsh, Kate Laidlow-Singh and Kate Newman.

Linklaters advised Petróleo Brasileiro S.A. with Alberto Luzárraga, Gabriel Silva, Tai Vivatvaraphol, Isabella Correa and John Wilson.

 

Involved fees earner: Steven Dalton – Herbert Smith Freehills; Laura Hulett – Herbert Smith Freehills; Reza Dadbakhsh – Herbert Smith Freehills; Kate Laidlow – Herbert Smith Freehills; Kate Newman – Herbert Smith Freehills; Giovani Loss – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Felipe Rodrigues Caldas Feres – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Romero Cabral da Costa Neto – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Renato Tastardi Portella – Mattos Filho Veiga Filho Marrey Jr & Quiroga; Shaun Lascelles – Vinson & Elkins LLP; Simon Rootsey – Vinson & Elkins LLP; Ka-Mun Fu – Vinson & Elkins LLP; Jing Ng – Vinson & Elkins LLP; Alexander Msimang – Vinson & Elkins LLP; Nadine Amr – Vinson & Elkins LLP; Christopher Strong – Vinson & Elkins LLP; William Vigdor – Vinson & Elkins LLP; Amy Lamoureux Riella – Vinson & Elkins LLP; Kristen Eddy – Vinson & Elkins LLP; Ryan Will – Vinson & Elkins LLP; Rebecca English – Vinson & Elkins LLP; John Dawson – Vinson & Elkins LLP; Jenny Doak – Vinson & Elkins LLP; Evlogi Kabzamalov – Vinson & Elkins LLP; Simrita Chadha – Vinson & Elkins LLP; Alberto Luzarraga – Linklaters; Gabriel Silva – Linklaters; Isabella Correa – Linklaters; John Wilson – Linklaters;

Law Firms: Herbert Smith Freehills; Mattos Filho Veiga Filho Marrey Jr & Quiroga; Vinson & Elkins LLP; Linklaters;

Clients: BTG Pactual; Petrobras; PetroVida Holding BV;