Brazilian state oil company Petrobras has entered into eight production sharing contracts (PSCs) for offshore exploration blocks in Côte d’Ivoire.
The agreements were signed by Petrobras Netherlands (PNBV), a wholly owned subsidiary of Petrobras, the Republic of Côte d’Ivoire and state oil company PETROCI.
The contracts apply to blocks CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701 and CI-702, all located offshore Côte d’Ivoire.
Under the terms, Petrobras, via its subsidiary, will act as operator and hold a 90% interest in each block, while PETROCI will maintain the remaining 10%.
According to Petrobras, the agreements secure involvement in areas identified as having high exploration potential along the African equatorial margin.
The company said this move aligns with its strategy to replenish oil and gas reserves by expanding into new regions, both in Brazil and internationally.
Petrobras aims to diversify its exploration activities in order to support long-term business sustainability and value generation.
Petrobras president Magda Chambriard said: “With this acquisition, Petrobras establishes a significant presence in Côte d’Ivoire, a country in a region with high exploration potential and geological characteristics similar to those of our own sedimentary basins.
“We will apply our experience and technical expertise to these blocks, and we are confident that, by doing so, we can unlock the full potential that we believe exists along the African Atlantic margin.”
In a separate development, Petrobras recently finalised a long-term liquefied natural gas (LNG) sale and purchase agreement with Sempra Infrastructure, a subsidiary of Sempra based in the US.
The deal secures Petrobras 800,000t of LNG per year over 20 years from the Port Arthur Liquefaction Terminal in Texas, US.
Petrobras stated that the agreement will reduce its exposure to spot-market volatility and strengthen risk management across its natural gas operations.
Last month, the company discovered hydrocarbons in an exploratory well in block FZA-M-59, located in ultra-deep waters roughly 175km off the coast of Amapá, Brazil.
