Petrobras is selling off its African unit

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To further stop it’s bleeding, Brazil’s public oil company, Petrobras said it is selling its African.

The company said in a statement that it has entered into a non-binding agreement to sell the company.

Petrobras has not disclosed what company it is discussing the sale with and the financial consideration for the transaction.

The local unit is known as 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 and Chevron Corp respectively.

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