Brazil's Petrobras acquires stakes in 3 exploration blocks in Africa

Brazilian state-run oil company Petrobras has had its board approve the acquisition of stakes in three oil exploration blocks operated by Shell in Sao Tome and Principe, marking its return to oil exploration in Africa, Report informs referring to Reuters.

Petrobras will own a 45% stake in blocks 10 and 13, and a 25% stake in block 11.

The operator of the fields is Shell, which owns a 40% stake. A 15% stake in each block is controlled by the National Petroleum Agency of Sao Tome and Principe (ANP-STP). The consortium for block 11 has one more partner - the Portuguese Galp (20%).

The Brazilian company's statement notes that the deal took place within a memorandum of understanding signed in March 2023 by the heads of Petrobras and Shell. The document involves, in particular, a partnership acquisition of 29 exploration blocks in the Pelotas basin as part of the 4th cycle of permanent concession proposals.