Brazilian state-controlled oil company Petrobras has completed the acquisition of a 75% interest and operatorship in Block 3 offshore São Tomé and Príncipe, expanding its exploration portfolio in Africa.
Following completion of the transaction, the Block 3 consortium comprises Petrobras as operator with a 75% interest, Oranto with 15% and the National Petroleum Agency of São Tomé and Príncipe with 10%.
Petrobras had previously disclosed the transaction on April 17, 2026, with Oranto, which sold it's 75% interest to Petrobras, retaining the 15% share in the block.
“This transaction is aligned with Petrobras’ strategy of replenishing its oil and gas reserves by exploring new frontiers, both in Brazil and abroad, as set out in the company’s Business Plan. The assessment of new opportunities seeks to diversify Petrobras’ exploration portfolio, promoting value creation and the long‑term sustainability of its businesses,” the company said.