Petrobras announced on Apr. 17 that it has signed a contract to acquire a stake and assume operation of Block 3, located offshore São Tomé and Príncipe, from Oranto Petroleum Limited.
The move is part of Petrobras’s ongoing efforts to expand its exploration activities in Africa. The company said it will acquire a 75% interest in the block, becoming the new operator. After completion of the transaction, the consortium will be composed of Petrobras with 75%, Oranto with 15%, and the National Petroleum Agency of São Tomé and Príncipe (ANP-STP) holding the remaining 10%.
Petrobras said it resumed its activities on the African continent in 2024 and already holds interests in other blocks in São Tomé and Príncipe. The company stated that this acquisition strengthens its exploratory presence in Africa as part of a broader strategy to diversify its portfolio.
According to Petrobras, “the operation reinforces exploratory activity on the African continent, with the purpose of portfolio diversification and is aligned with the company’s long-term strategy, aiming at replenishing oil and gas reserves through exploration of new frontiers and partnership operations.” The company also said all internal governance procedures were followed during this process.
Completion of this transaction is subject to certain conditions precedent, including applicable government and regulatory approvals from authorities in São Tomé and Príncipe. Petrobras stated that any relevant developments will be disclosed promptly.
