Petrobras Signs Contracts for Eight Ivory Coast Oil Blocks
Petrobras signed production-sharing contracts for eight offshore exploratory blocks in Ivory Coast to expand its reserves through West African frontier exploration.
Petroleo Brasileiro S.A. – Petrobras signed production-sharing contracts with the Republic of Côte d'Ivoire and its state energy firm, PETROCI Holding, for eight offshore exploratory blocks on the country's equatorial margin. The agreements, signed in Abidjan, grant the Brazilian state-run oil company a 90% operating stake in each block, while PETROCI Holding retains the remaining 10%.
The acquisition includes blocks CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701, and CI-702. The contracts were executed through Petrobras Netherlands B.V., a wholly-owned subsidiary of the company.
This expansion aligns with a strategy to replenish reserves by targeting Africa as the primary exploratory region outside of Brazil. The company is leveraging geological similarities between the West African shelf and the northern coast of Brazil. While the deals introduce technical deepwater capacity to the region, Petrobras has not yet released specific investment figures or a drilling schedule.
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