The Ivory Coast government has announced the approval of Petrobras’ declaration of interest for nine offshore oil exploration blocks in the West African country.
This represents the first phase in the acquisition process for exploratory areas in the Ivory Coast, which will be followed by contractual negotiations for the blocks. The primary purpose of this declaration is to ensure exclusivity during the negotiation phase.
Petrobras states that the announcement is in line with its long-term strategy, which aims to replenish oil and gas reserves by exploring new frontiers, both in Brazil and internationally. The evaluation of these new areas targets the diversification of the company’s exploratory portfolio and overall value generation.
Renewed Interest in African Oil Exploration
Recently, Petrobras also announced it has signed an agreement to acquire a working interest and assume operatorship of Block 3, located offshore São Tomé and Príncipe, in partnership with Oranto Petroleum.
(Read more: Petrobras (PBR) & West Africa’s Pre-Salt Twin in New Offshore Deal in São Tomé and Príncipe)
The new announcements have been a shift by Petrobras, which announced in 2020 the resumption of oil extraction investments in the African continent after four decades of presence.
2026-2030 Petrobras Business Plan
The recent moves align with the 2026-2030 Petrobras Business Plan, which focuses on restarting investments in oil exploration and energy-related sectors both inside and outside of Brazil, following a prolonged period of divestment and financial leverage reduction.
In 2026, such announcements have become quite common, with new reserves and discoveries being reported in operational fields in Brazil, as well as in other South American countries like Colombia.
(Read more: Petrobras (PBR): New Oil Discoveries in South America – Brazil & Colombia 2026)
