• Petrobras acquired a 75% stake and operatorship in offshore Block 3

• The move supports its 2026–2030 strategy to expand oil and gas reserves

• Africa has become a strategic growth hub, with assets in Namibia and South Africa

Petrobras has strengthened its position in the Gulf of Guinea. On Friday, April 17, the company announced that it had acquired exploration rights for Block 3, an offshore oil perimeter located off the coast of São Tomé and Príncipe.

Under the terms of an agreement with Nigerian oil company Oranto Petroleum Limited, the previous operator, Petrobras acquired a 75% interest in the block and assumed operatorship. Oranto reduced its stake to 15%. The state retained the remaining 10% through the National Petroleum Agency of São Tomé and Príncipe (ANP-STP).

Petrobras has operated in São Tomé and Príncipe since 2024, when it resumed its African activities. The company holds 45% stakes in Blocks 10 and 13 and a 25% interest in Block 11. In September 2025, Petrobras acquired a 27.5% stake in Block 4, joining a consortium led by Shell (30%), alongside Galp (27.5%) and ANP-STP (15%).

Although Petrobras did not disclose the financial terms of the latest acquisition, the deal expands an already established footprint and aligns with its 2026–2030 business plan. Through this plan, the company aims to explore new territories to discover additional oil and gas reserves while partnering with local operators.

Africa plays a central role in this strategy. Beyond São Tomé and Príncipe, Petrobras acquired a 42.5% stake in an offshore block in Namibia alongside TotalEnergies (42.5%). The company also holds a 10% interest in the Deep Western Orange Basin block in South Africa.

However, Petrobras has not yet finalized the transaction for the São Tomé asset. The company must still meet several conditions precedent. Authorities in São Tomé and Príncipe must grant government and regulatory approvals.

This article was initially published in French by Abdel-Latif Boureima

Adapted in English by Ange J.A de Berry Quenum