Ivory Coast: Petrobras takes 90% stake in eight offshore oil blocks

The contracts cover the blocks CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701, and CI-702. Petrobras describes these areas as part of the African equatorial margin, a geological formation it considers comparable to certain oil provinces in Brazil and central to its exploration strategy outside its domestic market.

This signing positions Petrobras within a broader offshore portfolio in Ivory Coast than its previous commitments in the country. The company states that it aims to use these eight permits to renew its reserves and solidify Africa as its primary international exploration area outside Brazil.

The arrangement pairs the Brazilian operator with Petroci on each block, maintaining the same 90% and 10% distribution. Petrobras specifies that the work will be conducted in accordance with the exploration obligations outlined in the production-sharing contracts established with Ivory Coast.

The Ivorian government announced in June the conclusion of negotiations regarding these eight blocks with Petrobras. At that time, the executive indicated that the allocation of these new blocks would raise the occupancy rate of the national sedimentary basin to 75%.