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Brazil’s state-owned energy giant Petrobras has expanded its oil and gas portfolio with a new exploration block off the coast of São Tomé and Príncipe, Africa.
The Brazilian player has signed an agreement to acquire an interest and assume operatorship of Block 3 offshore São Tomé and Príncipe from Oranto Petroleum (Oranto).
“This transaction strengthens exploratory activities on the African continent, with the purpose of portfolio diversification, and is aligned with the company’s long-term strategy, aiming to replenish oil and gas reserves through exploration of new frontiers and partnership operations,” emphasized Petrobras.
The block’s consortium is composed of Oranto, the current operator with a 90% interest, and the National Petroleum Agency of São Tomé and Príncipe (ANP-STP), with a 10% stake.
Petrobras is acquiring a 75% interest; thus, upon completion of the transaction, the consortium will entail Petrobras (operator, 75%), Oranto (15%), and ANP-STP (10%).
The Brazilian giant resumed its activities in 2024 on the African continent and already holds interests in São Tomé and Príncipe’s blocks. The acquisition of the latest block is in line with the firm’s Business Plan 2026-2030.
The completion of the transaction is subject to the fulfillment of precedent conditions, including applicable governmental and regulatory approvals in São Tomé and Príncipe.
Petrobras is working to augment its global oil and gas reserves, as illustrated by multiple recent rig deals and extensions with Valaris , Seadrill , Transocean , Ventura Offshore , and Constellation .
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