Brazil’s Petrobras Deepens West African Oil Expansion

Petrobras has secured rights to explore eight oil blocks in Côte d’Ivoire, expanding its presence along Africa’s Atlantic margin. Under production-sharing agreements signed with the Ivorian government and state-owned Petroci Holding, Petrobras will operate blocks CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701, and CI-702 through its wholly owned subsidiary Petrobras Netherlands B.V. The Brazilian company will hold a 90% interest in each block, while Petroci retains 10%. Côte d’Ivoire said the agreements increase the occupied portion of its sedimentary basin to 75%, covering approximately 63,000 square kilometers. Petrobras views the region as attractive because of geological similarities with Brazilian sedimentary basins, where it has extensive offshore exploration experience. The company has also expanded activities in São Tomé and Príncipe and Namibia while pursuing opportunities in Ghana.