Petrobras announces it is expanding its exploration footprint in Africa after signing production-sharing contracts for eight offshore blocks in Ivory Coast, adding to a series of moves that have strengthened the Brazilian oil producer’s presence across the continent.

The agreements, signed on September 17, mark the latest step in Petrobras’ international exploration strategy and reinforce Africa’s growing importance to the company’s plans to replenish oil and gas reserves and diversify its exploration portfolio.

Through its wholly owned subsidiary Petrobras Netherlands B.V. (PNBV), Petrobras signed the contracts with the government of Ivory Coast and state-owned PETROCI Holding.

The agreements cover offshore blocks CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701 and CI-702. Petrobras will hold a 90% interest in the blocks and operate the areas, while PETROCI Holding will retain the remaining 10%.

The contracts give Petrobras access to what the company describes as high-potential exploration areas along Africa’s Atlantic margin. The region shares geological similarities with Brazil’s sedimentary basins, particularly in deepwater areas where Petrobras has developed extensive exploration and production expertise through its experience in the Brazilian pre-salt.

“With this acquisition, Petrobras assumes a relevant presence in Ivory Coast, a country located in a region with high exploration potential and geological characteristics similar to our sedimentary basins,” Chambriard said in a company statement.

Africa becomes central to Petrobras’ exploration strategy

The Ivory Coast agreements come as Petrobras is increasingly looking beyond Brazil for opportunities to expand its exploration portfolio and replenish reserves.

Africa has become a growing focus of the company’s international exploration strategy, with Petrobras pursuing opportunities across several countries and offshore basins.

Ivory Coast is the third country in West Africa where Petrobras has announced exploration partnerships or agreements in 2026.

In neighboring Ghana, Petrobras has been evaluating opportunities in the Keta Basin, where the company has expressed interest in offshore exploration blocks. As previously reported by Brazilian Finance, Petrobras is seeking to negotiate exploration contracts for four offshore blocks in the region, adding Ghana to its growing list of exploration targets in West Africa.

Petrobras has been looking to the region as part of its 2026–2030 strategy to expand and replenish reserves. The region’s deepwater fields share geological similarities with fields explored by Petrobras on the other side of the Atlantic, where the company has developed extensive deepwater expertise.

The developments in Ghana and Ivory Coast add to Petrobras’ growing exploration presence in West Africa, reinforcing the region’s role in the company’s broader international exploration strategy.

Petrobras Expands Its Exploration Portfolio in Africa

The developments in Ivory Coast indicate that Petrobras is not treating its African expansion as a single-asset opportunity, but as a broader exploration strategy spanning multiple countries and geological basins.

In July, the company completed the acquisition of a 75% interest in and operatorship of Block 3 offshore São Tomé and Príncipe, in partnership with Nigerian company Oranto Petroleum.

Petrobras has also expanded its exploration presence in other African offshore markets. In February, the company acquired a 42.5% stake in Block 2613 offshore Namibia, in partnership with TotalEnergies, which also holds 42.5% and operates the block.

In 2025, Petrobras CEO Magda Chambriard said the company intended to prioritize Africa as its main exploration region outside Brazil. At the time, Petrobras was pursuing opportunities in Ivory Coast while also evaluating potential partnerships in other African countries.

That strategy has since translated into a broader portfolio of exploration positions and negotiations.

Petrobras’ 2026–2030 Business Plan

The expansion of Petrobras’ exploration portfolio is consistent with its 2026–2030 Business Plan, which allocates approximately US$7.1 billion to exploration activities over the five-year period.

The plan identifies the South and Southeast basins, Brazil’s Equatorial Margin and international exploration assets as priorities. Petrobras specifically highlights assets in Colombia, São Tomé and Príncipe and South Africa among its international exploration activities.

The strategy reflects Petrobras’ effort to replenish its oil and gas reserves as existing producing assets mature. Rather than focusing exclusively on production growth from its established fields, the company is increasing investment in new exploration frontiers in Brazil and abroad.

For Petrobras, the expansion into Africa therefore complements its exploration campaign in Brazil, particularly in frontier areas such as the Equatorial Margin, while leveraging the company’s experience in deepwater operations.

The expansion also fits into Petrobras’ broader reserve-replacement strategy. The company expects oil production to peak at 2.7 million barrels per day in 2028 under its 2026–2030 plan, while total oil and gas production is projected to reach 3.4 million barrels of oil equivalent per day in 2028 and 2029.

The company’s 2026–2030 plan includes US$109 billion in total capital spending, with US$69.2 billion allocated to Exploration and Production projects in the target implementation portfolio. Around 10% of that E&P portfolio is dedicated to exploration.