Brazil’s state-owned energy giant Petrobras has expanded its oil and gas portfolio with a new exploration area off the coast of Sao Tome and Principe in Africa.
The Brazilian player has signed an agreement to acquire a stake in and take over the operation of Block 3 offshore in Sao Tome and Principe from Oranto Petroleum (Oranto).
“This deal enhances exploration activities on the African continent, with the aim of diversifying the investment portfolio, and is consistent with the company’s long-term strategy, which aims to replenish oil and gas reserves through exploration of new frontiers and partnership operations.” Petrobras stressed.
The region’s consortium consists of Oranto, the current operator with a 90% stake, and the National Petroleum Agency of São Tomé and Príncipe (ANP-STP), with a 10% stake.
Petrobras receives a 75% interest. Thus, upon completion of the transaction, the consortium will include Petrobras (operator, 75%), Oranto (15%), and ANP-STP (10%).
The Brazilian giant resumed its activities in 2024 on the African continent and already has interests in the Sao Tome and Principe blocs. The acquisition of the last block is in line with the company’s 2026-2030 business plan.
Completion of the transaction is subject to the fulfillment of conditions precedent, including governmental and regulatory approvals applicable in Sao Tome and Principe.
Petrobras is increasing its global oil and gas reserves, as evidenced by several recent drilling and expansion deals with Phalaris, Cedrill, Across the ocean, Ventura Offshoreand constellation.
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