Petrobras (NYSE: PBR; B3: PETR4) said on Friday, August 21, that it has submitted an expression of interest to Ghana’s Ministry of Energy and Green Transition for offshore exploration blocks in the Keta Basin, off the country’s west coast.

The Ghanaian government has approved Petrobras’ application to negotiate exploration contracts for four blocks. With the approval, Petrobras is entering the direct negotiation phase for the terms of the exploration contracts.

This is the fourth expression of interest announced by Petrobras in 2026, as the company continues to expand its exploration portfolio outside Brazil.

Petrobras Expands Exploration Portfolio in Africa

The move adds to Petrobras’ growing exploration presence across Africa.

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.

The company is also pursuing opportunities in the Ivory Coast, where it submitted a declaration of interest in 2025 for nine offshore exploratory blocks. The Ivorian government subsequently approved the declaration in 2026, allowing Petrobras to move toward contractual negotiations.

Petrobras Leverages Its Deepwater Expertise

The focus on West Africa is no coincidence. Ghana’s Keta Basin is particularly relevant to Petrobras because of geological characteristics shared by offshore areas along the African Atlantic margin and oil-producing regions along Brazil’s Atlantic coast.

Similar geological characteristics are also found in areas such as São Tomé and Príncipe, where Petrobras recently completed the acquisition of an interest in an offshore block.

Petrobras has developed extensive expertise in deepwater and ultra-deepwater exploration and production, particularly through the development of Brazil’s pre-salt fields. The company is seeking opportunities where this technical expertise can be applied to new exploration frontiers.

The Ghana initiative comes as Petrobras also advances exploration on Brazil’s Equatorial Margin, another frontier area considered strategically important to the company’s reserve-replacement efforts.

See also: Petrobras Reports Hydrocarbon Discovery in the Amazon River Mouth

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.