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Exclusive: Petrobras said to launch $5 billion Nigerian oil block sale

Petrobras has launched the auction of its Nigerian oil fields, in a sale that may fetch up to $5 billion, as Brazil's state oil company seeks to raise cash and embarks on a capital spending plan, people close to the matter told Reuters.

The company, formally known as Petroleo Brasileiro SA, has hired Standard Chartered to run the process, which will kick off in the next two months, the people said. Asian state oil companies are expected to participate in the auction, hoping to add more production assets to their portfolio.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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