Brazilian oil company Petrobras has sold its Nigeria-focused subsidiary for around $1,5 billion.

Petrobras said Wednesday it had completed the sale of its 50% equity interest held in Petrobras Oil & Gas B.V.  (PO&GBV).

PO&GBV has assets in Nigeria, including an 8% interest in the OML 127 block, where the Agbami producing field is located, and 16% in the OML 130 block, which includes the Akpo and Egina producing fields. PO&GBV is not an operator in either of the assets in Nigeria.

The 2019 average oil production of PO&GBV assets was about 34 thousand bbl/day net to Petrobras.

Petrobras has said that the sale, which marks the company's exit from Africa, is in line with the portfolio optimization and improvement of the company's capital allocation.

After the completion of the transaction, Petrovida owns a 50% share in PO&GBV, with BTG Pactual owning the remaining 50%.

Petrovida is a subsidiary of Africa Oil Corp (Africa Oil), Canadian publicly traded E&P company.