Petrobras Oil &Gas B.V’s advisors for the sale of its Nigerian assets, Scotiabank et Evercore, have lined up very specific potential buyers.
With the exception of Russia’s Lukoil, only Nigerian firms approached the Brazilian firm’s deal brokers with offers. They spoke with Lekoil headed by Samuel Adegboyega and operator of the Otakikpo field.
Seplat directed by Ambrosie Bryant Chukwueloka ‘ABC’ Orjiako, a close friend of the minister of State for petroleum resources, Emmanuel Ibe Kachikwu , also showed its interest in purchasing the assets.
The last Nigerian firm in the line-up is Famfa Oil, owned by the all-powerful businesswoman Folorunsho Alakija. Unlike the other two firms, Famfa has a major draw card to pull.
It has the right of first refusal, already being a shareholder of Petrobras’ block OML 127, which encompasses the giant Agbami field operated by Chevron. According to our sources, Alakija made it known that she would be willing to fork out $2 billion for a further 8% stake in OML 127 as well as a 16% share in OML 130, on which the Akpo and Total operated Egina fields sit.
Famfa’s has built up its war chest thanks to Agbami, which has produced over 200,000 bpd since 2008.
On the other hand, Petrobras Oil & Gas B.V, a joint venture between Petrobras, Brazilian bank BTG Pactual and American investment fund Helios Investment Partners, is looking for nearly $4 billion for the sale of its entire Nigerian portfolio.
This figure, according to the Brazilians, reflects the fact that production is scheduled to start at Egina, which should reach 250,000 bpd at plateau. Famfa is said to be on the lookout for a financial partner to be able to buy the assets that would add a sizeable source of revenue to its belt.
Alakija is pulling strings within her Nigerian and continent-wide network to raise the funds needed to achieve her goal.
