Petrobras on Exploratory Blocks in São Tomé and Príncipe

Instant Max AI Immediate Frontier

(Petrobras, 27.Dec.2023) — Petrobras‘ Board of Directors has approved the company’s operations in São Tomé and Príncipe, a country on the west coast of Africa, enabling the acquisition of stakes in 3 exploratory blocks, through a competitive process conducted by Shell.

The transaction is part of the scope of the Memorandum of Understanding signed in March 2023 by the CEOs of Petrobras and Shell, Jean-Paul Prates and Wael Sawan, whose objective includes, among others, the identification of business opportunities between the companies in the upstream segment – such as the acquisition in partnership of the 29 exploratory blocks in the Pelotas basin in the 4th Permanent Concession Offer Cycle that took place on 13 Dec. 2023.

Petrobras thus acquired a 45% stake in blocks 10 and 13 and a 25% stake in block 11, with the consortia now composed as follows:

  • Block 10: Shell, operator (40%), Petrobras (45%) and ANP-STP (15%)
  • Block 11: Shell, operator (40%), Petrobras (25%), Galp (20%) and ANP-STP (15%)
  • Block 13: Shell, operator (40%), Petrobras (45%) and ANP-STP (15%)

The operation will mark the resumption of exploratory operations on the African continent with the aim of diversifying the portfolio and is in line with the company’s long-term strategy, aimed at rebuilding oil and gas reserves by exploring new frontiers and working in partnership.

The acquisition of the blocks in São Tomé and Príncipe complied with all the company’s internal and governance procedures and is in line with its Strategic Plan 2024-2028+ (“SP 2024-28+”) and is subject to approval by the local regulatory bodies.


Previous post Petrobras on Remuneration Payment to Shareholders 
Next post Sangomar FPSO Sets Sail for Senegal