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Brazil's national oil company Petrobras announced Tuesday it was offloading its Nigerian subsidiary as part of a massive divestment program.

In a statement, Petrobras said that the Nigerian subsidiary, Petrobras Oil & Gas B.V. (POGBV), was being fully sold. Petrobras owns 50 percent of it, BTG Pactual E&P B.V. holds 40 percent and Helios Investment Partners owns the remaining 10 percent.

Petrobras has been embroiled in scandal since the revelation of a vast corruption ring involving its executives, business partners and government officials that embezzled billions of dollars over a decade.

The subsidiary participates in two Nigerian oilfields, Akpo and Agbami, operated by French oil giant Total and Chevron respectively, producing a total of 368,000 barrels a day.

"POGBV's liquid reserves total approximately 204 million barrels, and the current production is about 48,000 barrels per day, with the expectation of reaching around 75,000 barrels per day by 2019," read the Petrobras statement.

As a way to clear its staggering debts and begin to restore its reputation, Petrobras is seeking to divest assets and gather around 21 billion U.S. dollars by the end of 2018


source - Xinhua