Petrobras re-enters Africa, acquires exploration blocks in São Tomé and Príncipe

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Block 10: Shell, operator (40%), Petrobras (45%) and ANP-STP (15%)

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• Block 11: Shell, operator (40%), Petrobras (25%), Galp (20%) and ANP-STP (15%)

• Block 13: Shell, operator (40%), Petrobras (45%) and ANP-STP (15%)

Petrobras has recently acquired undisclosed stakes in three exploration blocks in São Tomé and Príncipe, an African island nation.

The Brazilian state-owned oil and gas company secured a 45% stake in blocks 10 and 13, along with a 25% stake in block 11.

Shell operates all the blocks with a 40% stake, while the National Petroleum Agency of São Tomé and Príncipe (ANP-STP) holds a 15% stake. Additionally, Portuguese energy company Galp is a partner in block 11 with a 20% stake.

This move follows Petrobras board approval to initiate operations on the western coast of the African continent, marking their return to exploratory activities in Africa.

The acquisition aligns with a memorandum of understanding signed in March 2023 between Petrobras and Shell, aiming to explore new business opportunities in the upstream segment and beyond.

This strategic move is part of Petrobras’ long-term strategy to rebuild oil and gas reserves through exploring new frontiers and fostering partnerships.

The deal is pending local regulatory approvals. Petrobras also recently acquired 29 blocks in the Pelotas Basin during Brazil’s latest auction, emphasizing the importance of exploring new frontiers to meet energy demand with a low carbon footprint during the energy transition.

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