Africa Oil completed the acquisition of a 50% stake in Petrobras Oil and Gas for 519m.

Africa Oil completed the acquisition of a 50% stake in a Dutch-based oil and gas division of Petrobras, a semi-public Brazilian multinational corporation in the petroleum industry, for $519m. "We are very pleased to have acquired an interest in these established, low unit cost, producing assets with additional appraisal and development upside, that are operated by some of the best companies in the industry. With the addition of production and cash flow, Africa Oil is transforming into a significant, Africa-focused independent E&P company. Combining these assets with our Kenya development project and exploration portfolio, we believe that Africa Oil has tremendous growth potential in a range of oil price scenarios," Keith Hill, Africa Oil CEO.