Brazilian state-controlled oil company Petrobras has completed its acquisition of a 75 percent interest and operatorship in Block 3 offshore São Tomé and Príncipe, expanding its African exploration footprint.
Following the deal, the Block 3 consortium now comprises Petrobras as operator with 75 percent, Oranto with 15 percent, and the National Petroleum Agency of São Tomé and Príncipe holding the remaining 10 percent. Petrobras first disclosed the transaction in April, with Oranto selling its majority stake while retaining a smaller share.
“This transaction is aligned with Petrobras’ strategy of replenishing its oil and gas reserves by exploring new frontiers, both in Brazil and abroad,” the company said, describing the move as part of a broader push to diversify its exploration portfolio and support long-term value creation.
Source: (oedigital.com)