Petrobras takes 90% operating stake in eight Ivory Coast deepwater blocks
Petrobras has signed eight production-sharing contracts with the government of Ivory Coast to secure dominant positions across the offshore equatorial margin. The multi-basin entry marks an aggressive pivot by the Brazilian state major to anchor its international exploration expansion along the West African coast.
Upstream capital is shifting heavily toward the Ivorian offshore margin following multi-billion-barrel discoveries that have transformed the regional drilling outlook. The Brazilian state operator will deploy its specialized technical capabilities to evaluate high-potential presalt layers that parallel its home maritime geology. Bidders are targeting immediate structural assessment campaigns to comply with state production rules.
Production-sharing agreements signed in Abidjan by its technical subsidiary, Petrobras Netherlands B.V., cover blocks CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701, and CI-702. State-backed energy firm Petroci Holding will retain the remaining 10% equity slice to protect national resource choices. The transaction raises the total occupancy rate of the national sedimentary basin to 75%.
Commercial momentum along the West African coast has accelerated as global majors rush to replace maturing domestic fields. The expansion forms part of a wider strategic push by Petrobras to rebuild its exploration footprint in Africa, following recent permit acquisitions across Sao Tome and Principe, Namibia, and South Africa. The company is also in direct negotiations with the government of Ghana for four blocks in the Keta basin.
“There is no future for an oil company without exploration,” Petrobras Chief Executive Magda Chambriard stated on the closing of the transaction. “We plan to apply our exploration experience and technical capabilities to evaluate the potential of the acreage along the African Atlantic margin, where geological characteristics are similar to those of our own sedimentary basins.”
Petrobras has not disclosed specific exploration spending plans, drilling commitments, or operational timelines for the newly acquired ultra-deepwater acreage. Executive Director of Exploration and Production Sylvia Anjos attended the formal signing ceremony along with ministry representatives to ratify the exploration obligations. Under the agreed offshore development terms, initial seismic data interpretation programmes must clear state review processes before exploratory drilling commences.
