Petrobras Gains Exclusive Access to Ivory Coast’s Deepwater Exploration Blocks
Brazilian state oil giant Petrobras has secured exclusive negotiation rights for nine offshore exploratory blocks in Ivory Coast’s western sedimentary basin, marking a strategic expansion into largely unexploited West African deepwater opportunities. The government granted exclusivity following Petrobras’s formal declaration of interest in the promising assets.
The blocks are strategically positioned in the western portion of Ivory Coast’s national sedimentary basin, predominantly in deep waters where Petrobras has established technical expertise and operational experience. Ivory Coast’s Council of Ministers expressed confidence that Petrobras will help develop the western margin of the country’s sedimentary basin, citing the Brazilian company’s proven deepwater capabilities.
This development aligns with Petrobras’s recent strategic focus on increasing investment in African oil assets to boost future reserves and diversify its global exploration portfolio. The company emphasized that evaluating new areas aims to diversify its exploration portfolio while generating significant value for stakeholders.
The exclusive negotiation rights represent a mutually beneficial opportunity, with Ivory Coast gaining access to Petrobras’s advanced technical expertise and substantial financial resources, while the Brazilian company secures potential access to promising unexplored deepwater acreage in a stable West African jurisdiction with established regulatory frameworks.
Source: bairdmaritime.com