Brazil’s state-owned oil and gas company Petrobras has acquired stakes in three exploration blocks in São Tomé and Príncipe. The transaction, approved by the board, includes a 45% stake in Blocks 10 and 13 and a 25% stake in Block 11.
The strategic move aligns with Petrobras’ long-term goal to rebuild reserves and develop partnerships. Pending regulatory approvals, the transaction follows a memorandum of understanding signed between the company and global energy major Shell in March 2023.
“New frontiers, such as the blocks acquired today, are essential for energy demand to be met. For this reason, we seek to replenish reserves and develop new exploratory frontiers that ensure that we meet energy demand during the energy transition with the lowest possible carbon footprint,” said Jean-Paul Prates, CEO of Petrobras.
Shell currently represents the operator of all the blocks with a 40% stake, with the National Petroleum Agency of São Tomé and Príncipe serving as a partner (15%). In Block 11, Portuguese multinational Galp holds a 20% stake.
