Brazil’s Petrobras has signed an agreement to acquire a 75% stake and assume operatorship of Block 3 offshore São Tomé and Príncipe from Oranto Petroleum.
The block is currently held by Oranto, which has a 90% interest and acts as operator, alongside the National Petroleum Agency of São Tomé and Príncipe (ANP-STP), which holds 10%.
Following completion of the transaction, the consortium will comprise Petrobras as operator with 75%, Oranto with 15%, and ANP-STP retaining its 10% stake.
The deal is part of Petrobras’ strategy to strengthen exploratory activities in Africa and diversify its portfolio, as the company seeks to replenish oil and gas reserves through new frontier exploration and partnerships.
Petrobras resumed activities on the African continent in 2024 and already holds interests in blocks in São Tomé and Príncipe.
Completion of the transaction is subject to customary conditions, including government and regulatory approvals in São Tomé and Príncipe.