Petrobras announced this Wednesday (27/12) that it has reached an agreement with Shell to acquire a stake in three exploration blocks operated by the company in São Tomé and Príncipe, on the west coast of Africa.
The operation represents the state-owned company's return to oil and natural gas exploration in Africa, after the sale of the Brazilian state-owned company's international assets.
“The operation will mark the resumption of exploratory operations on the African continent with the purpose of portfolio diversification and is aligned with the company's long-term strategy, aiming to restore oil and gas reserves, through the exploration of new frontiers and operations in partnership”, said Petrobras, in a note.
Petrobras acquired a 45% stake in blocks 10 and 13 and a 25% stake in block 11, with the consortia having the following composition:
Block 10: Shell, operator (40%), Petrobras (45%) and ANP-STP (15%);
Block 11: Shell, operator (40%), Petrobras (25%), Galp (20%) and ANP-STP (15%);
Block 13: Shell, operator (40%), Petrobras (45%) and ANP-STP (15%).
Together, Petrobras and Shell acquired shares in 29 exploration blocks in the Pelotas Basin in the 4th cycle of the permanent concession offer from the National Petroleum Agency (ANP), at the beginning of the month.
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The agreement between the two companies provides for joint action on potential exploration opportunities inside and outside the pre-salt, including the Equatorial Margin.
Studies are also planned for investments in energy transition, with an emphasis on renewables and carbon capture, use and storage (CCUS).
The document also establishes that Petrobras and Shell intend to invest together in projects to preserve and restore biodiversity, with the aim of issuing credits to offset carbon emissions, in addition to social projects.
The return to Africa reflects a change in Petrobras' strategy, which intends to expand its operations abroad.
The company significantly increased its investment forecast in international projects in its 2024-2028 strategic plan.
In total, it plans to invest US$1.3 billion in oil and gas exploration abroad in the period, compared to US$360 million foreseen in the plan released last year – an increase of 261%.
Source: Petrobras.