<\/p>\n
Brazil\u2019s state-controlled oil company Petrobras SA signed production-sharing contracts for eight exploratory offshore blocks in Ivory Coast, its latest move to expand its footprint in Africa.<\/p>\n
Chief Executive Officer Magda Chambriard had flagged the deal at an event on Wednesday, saying the ultra-deepwater blocks would help expand Petrobras\u2019s exploration portfolio as the company seeks to replenish reserves ahead of an expected production peak around 2035.<\/p>\n
\u201cThere is no future for an oil company without exploration,\u201d she said during a lecture in Rio de Janeiro.<\/p>\n
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Petrobras will hold a 90% operating stake in the blocks, while PETROCI Holding, Ivory Coast\u2019s state oil company, will keep the remaining 10%, according to a Thursday filing. The agreement will give Petrobras a stake in exploration areas with significant potential along Africa\u2019s equatorial margin, the company said in the filing.<\/p>\n
Latin America\u2019s biggest oil producer has increasingly looked beyond Brazil\u2019s prolific pre-salt fields for new exploration opportunities, targeting overseas areas where it can apply decades of expertise in deepwater drilling and production.<\/p>\n
Petrobras will need to add about 9 billion barrels of oil equivalent to its reserves through 2050 to maintain current production levels as output from the pre-salt is expected to peak around the middle of the next decade, Chambriard said.<\/p>\n
In August Ghana\u2019s Ministry of Energy and Green Transition approved Petrobras\u2019s application to negotiate exploration contracts for four blocks.<\/p>\n
Petrobras had already partnered with TotalEnergies SE to acquire a 42.5% stake in an offshore block in Namibia \u2013 where Chambriard said the acquisitions were \u201cnot enough\u201d \u2013 and joined the Deep Western Orange Basin project in South Africa. It has also acquired minority stakes in three of Shell PLC\u2019s blocks in Sao Tome and Principe.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Petrobras #expands #African #oil #hunt #Ivory #Coast #blocks<\/p>\n","protected":false},"excerpt":{"rendered":"
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