Source: Offshore Mag
Petrobras’ board has approved the company’s participation in E&P activities offshore São Tomé and Príncipe, West Africa, allowing the company to acquire stakes in three exploratory blocks operated by Shell.
RIO DE JANEIRO, Brazil — Late last month, Petrobras’ board approved the company’s participation in E&P activities offshore São Tomé and Príncipe, West Africa, allowing the company to acquire stakes in three exploratory blocks operated by Shell.
The transaction follows a memorandum of understanding signed in March 2023 by Petrobras CEO Jean-Paul Prates and Shell’s Wael Sawan. Objectives include the identification of joint business opportunities in the upstream sector, such as the partnership in 29 exploratory blocks in the Pelotas offshore basin under Brazil’s 4th Permanent Concession Offer Cycle in mid-December.
Petrobras now has a 45% interest in blocks 10 and 13, where the other partner is ANP-STP, and a 25% stake in block 11, where the co-venturers are ANP-STP and Galp.
This marks the company’s return to exploration offshore West Africa, as it says it looks to diversify its portfolio and grow its oil and gas reserves through exploring new frontier regions and working in partnerships.
THE AUTHOR: Offshore staff
