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MarketScreener Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Petroleo Brasileiro SA Petrobras    PETR4   BRPETRACNPR6

PETROLEO BRASILEIRO SA PETROBRAS (PETR4)
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Petrobras, BTG Pactual to sell their Nigerian oil venture

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11/09/2017 | 10:06pm CEST

SAO PAULO/RIO DE JANEIRO (Reuters) - State-controlled oil company Petroleo Brasileiro SA (Petrobras) is leading an effort to sell Petrobras Oil and Gas BV (Petrobras Africa), after being joined in the sale by shareholders Grupo BTG Pactual SA and Helios Investments, it said on Thursday.

Heavily indebted Petrobras announced plans this week to sell its 50 percent stake, and began sending information on the company to potential investors.

It has been joined in the sale by BTG Pactual E&P BV, a subsidiary of investment bank Grupo BTG Pactual SA, and Helios Investments, who will offer their respective 40 percent and 10 percent stakes.

Grupo BTG Pactual tried to sell its stake separately earlier this year. It held talks with a group of Nigerian investors but failed to reach an agreement, a source with knowledge of the matter told Reuters. BTG Pactual did not immediately comment.

Petrobras, the world's most indebted oil company and focus of a massive corruption scandal, is seeking to offload $21 billion in assets through 2018 and has moved aggressively to cut debt.

Petrobras Africa participates in two deepwater oil exploration blocks off the coast of Nigeria that contain the Akpo and Agbami producing fields and are operated by Total SA (>> Total) and Chevron Corp (>> Chevron Corporation) respectively.

(Reporting by Tatiana Bautzer in Sao Paulo and Alex Alper in Rio; Editing by Susan Thomas)

Stocks mentioned in the article
ChangeLast1st jan.
CHEVRON CORPORATION -0.01% 116.96 Delayed Quote.-5.93%
PETROLEO BRASILEIRO SA PETROBRAS 1.90% 25.77 End-of-day quote.60.78%
TOTAL 0.50% 53.82 Real-time Quote.16.30%
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Financials (BRL)
Sales 2018 342 B
EBIT 2018 74 823 M
Net income 2018 29 581 M
Debt 2018 291 B
Yield 2018 3,28%
P/E ratio 2018 10,78
P/E ratio 2019 7,91
EV / Sales 2018 1,88x
EV / Sales 2019 1,60x
Capitalization 353 B
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 27,2  BRL
Spread / Average Target 5,5%
EPS Revisions
Managers
NameTitle
Ivan de Souza Monteiro President, Chief Executive Officer & Director
Luiz Nelson Guedes de Carvalho Chairman
Rafael Salvador Grisolia Chief Financial Officer
Roberto Moro Chief Engineering & Technology Officer
Hugo Repsold Chief Technology & Production Development Officer
Sector and Competitors
1st jan.Capitalization (M$)
PETROLEO BRASILEIRO SA PETROBRAS60.78%94 772
ROYAL DUTCH SHELL2.18%274 445
PETROCHINA COMPANY9.15%222 607
TOTAL16.30%166 123
EQUINOR26.37%90 472
NK ROSNEFT' PAO--.--%74 614