(WO) – Petrobras’ Board of Directors has approved the company's operations in São Tomé and Príncipe, a country on the west coast of Africa, enabling the acquisition of stakes in three exploratory blocks, through a competitive process conducted by Shell.

Source: Petrobras

The transaction is part of the Memorandum of Understanding signed in March 2023 by the CEOs of Petrobras and Shell, Jean-Paul Prates and Wael Sawan, whose objective includes, among others, the identification of business opportunities between the companies in the upstream segment.

Petrobras thus acquired a 45% stake in blocks 10 and 13, and a 25% stake in block 11, with the consortia now composed as follows:

• 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%)

The operation will mark the resumption of exploration operations on the African continent, with the aim of diversifying the portfolio and is in line with the company's long-term strategy, aimed at rebuilding oil and gas reserves by exploring new frontiers and working in partnership.