Petroleo Brasileiro to Take Over Operations at Offshore African Oil Block

MT Newswires Live04-17

Petroleo Brasileiro (PBR) said Friday it signed an agreement with Oranto Petroleum to purchase a 75% working interest and assume operatorship of Block 3, an offshore exploration site in Sao Tome and Principe.

Following the transaction, Oranto will retain a 15% stake in the African block while the national petroleum agency will maintain its 10% share, the company said.

The acquisition expands the firm's presence in the country and is part of its 2026-2030 business plan to replenish energy reserves by exploring new regions, Petroleo Brasileiro said.

The deal remains subject to customary closing conditions and regulatory clearance from the local government, the company added.

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