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© 2023: Board of Directors approves participation in permanent concession offer blocks on the west coast of Africa, targeting the upstream segment.
The Petrobras Company announced that the Board of Directors approved the company's operations in São Tomé and Príncipe, on the west coast of Africa, to enable the acquisition of shares in 3 exploration blocks through a competitive process conducted by Shell.
The transaction is within the scope of the Memorandum of Understanding signed by the CEOs of Petrobras and Shell, Jean-Paul Prates and Wael Sawan, with the aim of identifying business opportunities between the companies in the upstream segment – such as the joint acquisition of 29 exploratory blocks in the Pelotas basin in the 4th Permanent Concession Offer Cycle that took place on 13/12/2023, demonstrating the expansion of Petrobras' activities in several locations.
New Petrobras investments on the west coast of Africa
In this way, Petrobras acquired 45% of participation in blocks 10 and 13 and a 25% stake in block 11, which represents a significant step towards consolidating the Company's presence in the region.
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• 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%)
This operation marks the resumption of Petrobras' exploratory activities on the African continent, as part of a portfolio diversification strategy and is aligned with the objective of restoring oil and gas reserves to long term.
Strategic partnerships in oil and gas exploration
The acquisition of the blocks in São Tomé and Príncipe represents a unique opportunity for Petrobras, which seeks to increase its participation in the upstream segment and guarantee a permanent concession offer for new projects.
Furthermore, Petrobras seeks to strengthen its strategic partnerships, as demonstrated by the entry into blocks 10, 11 and 13 in São Tomé and Príncipe in partnership with Shell and other operators.
Guarantee of compliance with the Petrobras Strategic Plan
The entire acquisition process for the blocks in São Tomé and Príncipe was conducted in accordance with Petrobras' internal and governance procedures, ensuring compliance with its Strategic Plan 2024-2028+ (PE 2024-28+).
Approval from local regulatory bodies is the next step towards completing this transaction, which represents an important milestone for Petrobras and its operations on the west coast of Africa.
Source: Petrobras Agency
