Portugal’s Galp, Brazil’s Petrobras, U.K.’s Shell and Agência Nacional do Petroléo de São Tomé e Principé (ANP-STP) have formed a joint venture focused on early-stage exploration block offshore the African country.
Galp has reached a farm-in agreement with KE STP Company, a Shell affiliate, for a 27.5% stake in Block 4 in São Tomé and Príncipe, expanding its exploration interest in the country.
Also, Petrobras acquired the 27.5% stake in the same block, forming a joint venture with the operator of the asset Shell (30%), ANP-STP (15%), and Galp (27.5%).
Petrobras has been active in São Tomé and Príncipe since February 2024, when it acquired a 45% stake in Blocks 10 and 13, and a 25% stake in Block 11.
In São Tomé and Príncipe, Galp also holds participations in Blocks 6 (45%, operator), 11 (20%) and 12 (41.2%, operator).
“This transaction strengthens Petrobras’ exploratory activities on the African continent, with the purpose of portfolio diversification, and is aligned with the company’s long-term strategy, aiming to replenish oil and gas reserves through exploration of new frontiers and partnership operations,” Petrobras said following the acquisition.
The transaction strengthens Petrobras’ exploratory activities on the African continent, with the purpose of portfolio diversification, and is aligned with the company’s long-term strategy, aiming to replenish oil and gas reserves through exploration of new frontiers and partnership operations, the company added.
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