Petrobras secures 90% stake in 8 Ivory Coast offshore blocks

On Thursday, 17 September, Petrobras announced the signing of production sharing contracts for eight offshore exploration blocks in Ivory Coast. The Brazilian state-run producer will act as operator with a 90% stake, while Ivory Coast state oil firm PETROCI Holding will hold the remaining 10%.

The transaction gives Petrobras acreage in high-potential areas along the African equatorial margin. Petrobras CEO Magda Chambriard noted on Wednesday, 16 September, that ultra-deepwater blocks support the company's plan to replace reserves ahead of an expected domestic output peak around 2035.

Petrobras must add about 9 billion barrels of oil equivalent to its reserves by 2050 to maintain current production levels as pre-salt output peaks around the middle of the next decade, according to Chambriard. The chief executive stated at an event in Rio de Janeiro that there is no future for an oil company without exploration.

The Ivory Coast contracts form part of a broader African push. In August, Ghana's Ministry of Energy and Green Transition approved a request by Petrobras to negotiate exploration contracts for four blocks. The company also partnered with TotalEnergies for a 42.5% stake in an offshore block in Namibia, entered the Deep Western Orange Basin project in South Africa, and acquired minority stakes in three Shell-operated blocks in São Tomé and Príncipe.