Brazil's state-run oil company Petrobras has acquired stakes in three exploratory blocks in São Tomé and Príncipe through a competitive process conducted by Shell.
Petrobras acquired a 45% stake in blocks 10 and 13 and a 25% stake in block 11, with the consortia now composed as follows:
The operation will mark the restart of Petrobras’ exploratory 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 rebuilding oil and gas reserves by exploring new frontiers and working in partnership.
The transaction is part of the scope of the memorandum of understanding signed in March 2023 by the CEOs of Petrobras and Shell, Jean-Paul Prates and Wael Sawan, whose objective includes, among others, the identification of business opportunities between the companies in the upstream segment.
The acquisition of the blocks in São Tomé and Príncipe is subject to approval by the local regulatory bodies.
To remind, Shell acquired interest in blocks 10, 11, and 13 in São Tomé and Príncipe from Kosmos Energy back in 2020.