Brazilian state-run oil company Petrobras announced on Tuesday that its board has approved the acquisition of a 10% stake in the offshore Deep Western Orange Basin (DWOB) oil block in South Africa.
According to a securities filing, this acquisition followed a competitive process led by French oil major Total, which operates the project and will maintain a 40% stake in the block, Reuters reported.
Last month, in an interview, Sylvia dos Anjos, head of exploration and production at Petróleo Brasileiro SA (Petrobras), revealed that Brazil’s state-controlled oil company is in talks to acquire stakes in African exploration blocks from major oil companies, including ExxonMobil Corp., Shell Plc, TotalEnergies SE, and Equinor ASA.
The discussions focus on blocks in countries such as Namibia, South Africa, and Angola, Bloomberg reported.
Petrobras is currently evaluating a total of 10 potential opportunities to partner with oil majors in Africa, as it seeks to leverage its deep-water expertise in expanding its global presence, according to Anjos.
As Latin America’s largest oil producer, Petrobras has been actively expanding its global portfolio and recently acquired minority stakes in three blocks from Shell in São Tomé and Príncipe, two volcanic islands off the coast of central Africa, which show geological similarities to Guyana.
Galp Energia SGPS SA’s Mopane oil and gas field in Namibia is one of the potential targets where Petrobras is exploring the possibility of acquiring a 40% stake.
