Petrobras informs that the Board of Directors 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 inserted in 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 Cycle of Concession Permanent Offer occurred on 13/12/2023.
In this way Petrobras acquired a 45% stake in Blocks 10 and 13 and 25% of participation in Block 11, with the consortia having the following composition:
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 work on the African continent with the purpose of portfolio diversification and is aligned with the Company’s long-term strategy, aiming at the recomposition of oil and gas reserves, through exploration of new frontiers and acting in partnership.
The acquisition of the blocks in São Tomé and Príncipe observed all the internal and governance procedures of the company, being in line with its Strategic Plan 2024-2028+ (PE 2024-28+) and is conditioned by the approval of the local regulatory agencies.
Source: Petrobras
