Brazilian oil firm Petrobras has submitted a declaration of interest for exploratory blocks on the offshore areas of the Ivory Coast in West Africa.
The Ivory Coast government, through its Council of Ministers, approved Petrobras' declaration of interest for nine blocks.
This is the first phase in the acquisition process for exploratory areas in the Ivory Coast, which is then followed by contractual negotiations of the exploratory blocks.
The purpose of the declaration is to ensure exclusivity in the contractual negotiation phase.
The evaluation of new areas is targeted at diversifying the Company’s exploratory portfolio and generating value.
“Petrobras highlights that the decision to submit the declaration of interest to the Ivory Coast government complied with all of the company's internal governance procedures, in line with its long-term strategy, which is aimed at replenishing oil and gas reserves by exploring new frontiers, both in Brazil and internationally,” Petrobras said.