Petrobras acquires stakes in Shell-operated exploration blocks offshore Africa
(WO) – Petrobras has concluded the acquisition of stakes in three exploration blocks in São Tomé and Príncipe, Africa. Petrobras also signed amendments to the production sharing contracts and Joint Operating Agreements and became part of the consortia for these blocks.
Petrobras acquired a 45% stake in interest in blocks 10 and 13 and a 25% interest in block 11, with the consortia to have the following composition:
- Block 10: Shell, operator (40%), Petrobras (45%) and ANP-STP (15%)
- Block 11: Shell, operator (40%), Petrobras (25%), Galp (20%) and ANP-STP (15%)
- Block 13: Shell, operator (40%), Petrobras (45%) and ANP-STP (15%)
The operation marks the resumption of exploration operations on the African continent, with the aim of diversifying the portfolio, and is in line with the company's long-term strategy aimed at restoring oil and gas reserves by exploring new frontiers and working in partnership.
