Petroleum Africa
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Monday, January 1, 2024
Brazilian state-owned firm Petrobras has secured approval from its board of directors, enabling the acquisition of stakes in three exploration blocks in São Tomé and Príncipe, through a competitive process conducted by Shell.
The transaction is within the scope of the Memorandum of Understanding signed, in March 2023, by the CEOs of Petrobras and Shell, Jean-Paul Prates and Wael Sawan.
Petrobras has acquired a 45% interest in blocks 10 and 13 and a 25% interest in block 11, with the consortia having the following composition:
The operation will mark the resumption of exploratory operations on the African continent with the purpose of portfolio diversification and is aligned with the company’s long-term strategy, aimed at rebuilding oil and gas reserves, through the exploration of new frontiers and working in partnership .
The acquisition of the blocks in São Tomé and Príncipe followed all the company’s internal and governance procedures, being in line with its Strategic Plan 2024-2028+ (PE 2024-28+) and is subject to approval by local regulatory bodies.
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