London — The world’s three largest oil traders are competing to buy the African arm of Brazil’s Petrobras, which owns stakes in two major Nigerian offshore oil blocks, according to industry and banking sources with knowledge of the matter. In November 2017, state-controlled Petroleo Brasileiro, known as Petrobras, launched the sale of 100% of Petrobras Oil & Gas, or Petrobras Africa, as part of the heavily indebted company’s plan to offload $21bn in assets throughout 2018 as it also faces a massive corruption scandal. Petrobras holds half the shares in the company, while 40% are held by a subsidiary of Grupo BTG Pactual and 10% by Helios Investment Partners. Bankers have previously estimated the value of the Petrobras venture to be $2bn. The venture has stakes in two offshore blocks that contain two producing fields: the major Agbami field in OML 127, operated by a local Chevron affiliate, and the Akpo field in OML 130 operated by Total. The sale has attracted the top trading firms,...

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