The Brazilian state-owned company Petrobras has formalized this Friday the acquisition, announced last April, of 75% of Block 3, an offshore oil field located off the coast of the African republic of São Tomé and Príncipe.
Until now, the consortium was integrated 90% by the Nigerian Oranto Petroleum Limited, which acted as the operator of the block, while the remaining 10% corresponded to the National Petroleum Agency of São Tomé and Príncipe (ANP-STP).
As Petrobras detailed in a statement, in addition to acquiring 75% of Block 3, it will also assume the management and operation of the project. After the operation, Oranto reduces its participation to 15% and ANP-STP maintains its 10%.
"This operation is part of Petrobras' strategy to replenish its oil and gas reserves through the exploration of new frontiers, both in Brazil and abroad, as established in the company's Business Plan," assured Petrobras, which resumed its presence in Africa in 2024.
"The evaluation of new opportunities aims to diversify Petrobras' exploration portfolio, promoting value creation and the long-term sustainability of its activities," it added.