ABIDJAN, Sept 17 – Brazilian state-owned oil company Petrobras has signed production-sharing contracts with the Ivory Coast and state energy company Petroci covering eight offshore exploration blocks, expanding the Brazilian producer’s presence in Africa.
Under the agreements, Petrobras will hold a 90% operating interest in each block, while Petroci will retain the remaining 10%.
The contracts provide Petrobras with access to offshore acreage described as having high exploration potential along Africa’s equatorial margin, supporting the company’s strategy of pursuing new resources both in Brazil and internationally.
The agreements form part of Petrobras’ broader effort to replenish its hydrocarbon reserves through frontier exploration as it seeks to sustain production over the longer term.
Petrobras Chief Executive Magda Chambriard said last year that Africa was expected to become the company’s principal exploration region outside Brazil, underscoring the strategic importance of the continent to its international upstream portfolio.
The Ivory Coast agreements add to Petrobras’ efforts to establish a wider exploration position across Africa, where the company is targeting prospective offshore basins as part of its reserve replacement strategy.
For Ivory Coast, the partnership brings an international operator with extensive deepwater exploration experience into eight offshore areas, potentially supporting future exploration activity and the development of the country’s upstream sector.
The agreements also reinforce the growing interest in Africa’s offshore resources as international energy companies seek new exploration opportunities and countries across the continent work to attract capital and technical expertise into their oil and gas industries.
