Petrobras president Magda Chambriard stated the acquisition establishes significant presence in a region with high exploratory potential and geological characteristics similar to Brazilian sedimentary basins. The Ivorian government indicated the contracts increase occupation of the country’s sedimentary basin to 75%, covering approximately 63,000 square kilometers where production, appraisal, and exploration activities are underway.
The Côte d’Ivoire entry forms part of Petrobras’ strategy to rebuild oil and gas reserves through exploration in new frontiers domestically and internationally, as outlined in the company’s business plan. The initiative aims to diversify the exploratory portfolio while generating long-term value and business sustainability. Chambriard emphasized that no future exists for an oil company without exploration, particularly as the pre-salt production peak approaches mid-next decade.
Petrobras has intensified African exploration activity over recent months. In February, the company announced acquisition of a 42.5% stake in a deepwater concession in Namibia jointly with TotalEnergies, though Chambriard indicated the participation remains insufficient for company ambitions. In July, Petrobras completed purchase of an area in São Tomé and Príncipe where it operates with 75% participation. In August, Ghana’s Ministry of Energy and Green Transition authorized negotiation of exploration contracts for four offshore blocks in the Keta basin.
The Brazilian state company has also extended its international strategy in Latin America. Petrobras develops exploration activities with Colombian state company Ecopetrol, announcing a new gas discovery in August. The company evaluates joint exploration and production projects with Mexican state oil firm Pemex, along with opportunities in refining, petrochemicals, fertilizers, and gas processing. The African expansion leverages decades of Petrobras expertise in deepwater and ultra-deepwater drilling and production technologies developed in Brazilian offshore basins.
This article was curated and published as part of our South American energy market coverage.
