Cote d'Ivoire: Petrobras Takes 90% Stakes in Ivorian Offshore Blocks
The Brazilian oil company will operate each block with a 90% stake as it seeks to replenish reserves through frontier exploration.
- On Thursday, Petrobras signed production-sharing contracts with Ivory Coast and Petroci for eight offshore exploratory blocks, expanding its presence in the West African oil market.
- This acquisition supports Petrobras' strategy to replenish reserves through frontier exploration, leveraging geological similarities between Africa's Atlantic margin and Brazil's sedimentary basins.
- The deal grants Petrobras a 90% operating stake in each block, with Petroci retaining 10%, as Petrobras President Magda Chambriard described the region as having "high potential."
- These contracts increase the occupied share of Ivory Coast's sedimentary basin to 75%, covering about 63,000 square kilometres where production and exploration activities are underway.
- Petrobras is actively expanding its African portfolio, pursuing exploration opportunities in Ghana and Namibia, though no financial value or drilling timetable for the contracts was disclosed.
23 Articles
23 Articles
Petrobras takes control of eight Côte d’Ivoire oil blocks in major African expansion
Brazilian state-owned oil giant Petrobras has secured 90% operating stakes in eight offshore exploration blocks in Côte d’Ivoire, deepening its expansion into Africa as it searches for new oil and gas reserves.
Observador
Noticias ao MinutoPetrobras, through the full subsidiary Petrobras Netherlands B.V., will be the operator. It will have 90% participation in the eight blocks. Costa-Marfinese state will have the remaining 10%.
Petrobras, through the full subsidiary Petrobras Netherlands B.V., will have 90% participation in the eight blocks and will be the operator, while the Costa-Marfinese state will have the remaining 10%.
Petrobras signs production-sharing deals for Ivory Coast exploratory blocks
Petrobras announced on Thursday (17) that it signed production-sharing contracts for eight exploratory blocks located on the coast of Côte d'Ivoire. According to the state, the contracts ensure participation in exploration areas of high potential on the African equatorial margin. Petrobras will be an operator and will hold 90% participation in the blocks CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701 and CI-702, while the local state, Pe…
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