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Petrobras acquires a 10% stake in South Africa’s Deep Western Orange Basin block, aligning with its strategy to explore new oil and gas frontiers. (Image source: Adobe Stock)

Petrobras has secured a stake in the Deep Western Orange Basin (DWOB) block after successfully participating in a competitive bidding process organised by TotalEnergies

Situated in deep waters of the Orange Basin, the DWOB block has seen recent major discoveries by TotalEnergies, Shell, and Galp.

Following the acquisition, Petrobras will hold a 10% share in the DWOB block. The consortium overseeing the block will be composed of TotalEnergies, as the operator (40%), QatarEnergy (30%), Sezigyn Pty. (20%), and Petrobras (10%).

This move aligns with Petrobras' strategy to diversify its exploration portfolio, focusing on value creation. It supports the company's long-term objective of replenishing oil and gas reserves by exploring new frontiers in both Brazil and international markets, through strategic partnerships.

The acquisition adheres to all of Petrobras' internal governance and procedural standards, in accordance with its 2024-2028+ strategic plan, and is subject to local regulatory approval.

African Review