Petrobras signed production-sharing contracts for eight offshore exploratory blocks in Ivory Coast. The Brazilian state-owned company holds a 90% operating stake in each block. Ivory Coast’s state energy firm, Petroci, retains the remaining 10% interest.
The blocks are located in a high-potential region on Africa’s equatorial margin. This acquisition advances the company’s strategy to replenish reserves through new frontier exploration.
CEO Magda Chambriard previously identified Africa as a primary focus for the firm's international expansion. Financial terms of the agreement remain undisclosed.