Better be LuckyI agree with Firstworld.
Petrobras & BTG tried without success to jointly dump this Nigerian asset since 2017 before AOI got hooked. Petrobras offload its 50 percent to AOI for Usd$1.5 bn. BTG was stuck but to sweeten the pot, it loaned AOI $250 million bridge financing in order to close the deal.
Vitol and the other partner were lucky they run from the original consortium just before Covid-19 hits the fan in Jan. 2020.
AOI went from a co. flushed with Usd&350 million cash and no debts to a co. with no cash and over Usd$1 bn in debts. The assets bought have subsequently been devalued by around 50 percent due to the fall in oil.
Lukas Lundin famously
made his money "selling". He sold Tanganyika Oil to Sinopec for $2 bn. Sinopec is said to rue the takeover for oil in Syria with buyer's remorse. Lukas also sold Red Back Mining to Kinross Gold ofor $7bn that was later found to have little gold and had to be written off by Kinross.
As the saying goes, "it is better to be lucky than be good".