Petrobras to explore for oil off equatorial margin of Côte d’Ivoire

Brazilian oil company Petrobras has entered into a contract to explore for oil off the equatorial margin of Côte d'Ivoire. The agreement grants Petrobras the right to explore eight offshore exploration blocks in West Africa. The contract was signed in Abidjan, the economic capital and seat of government of Côte d'Ivoire, on September 17th.

Petrobras' executive director of exploration and production, Sylvia Anjos, represented the company during the signing. The exploration contracts are based on a production-sharing arrangement, with Petrobras holding a 90% stake in the blocks and the Ivorian state-owned Petroci Holding owning the remaining 10%. Petrobras aims to replenish oil and gas reserves through exploration in new frontier areas, both domestically and internationally.

The company highlights the high potential of these exploration areas on the African equatorial margin. Petrobras' president, Magda Chambriard, emphasizes that this deal will give Petrobras a significant presence in Côte d'Ivoire, a country located in a region with high exploration potential and geological characteristics similar to Brazil's sedimentary basins.

The expansion into Côte d'Ivoire and Africa is a return to the region for Petrobras, which previously operated in Nigeria, Tanzania, Angola, Benin, Gabon, and Namibia in the early 2000s. Currently, the company also has operations in Namibia, São Tomé and Príncipe, and South Africa. In recent years, Petrobras has also been involved in oil exploration and production in Argentina, Bolivia, Colombia, and the United States, with recent agreements including a memorandum of understanding with Pemex for strategic and technical cooperation in the Gulf of Mexico.