Petrobras to Buy Stake in Oil and Gas Block Offshore South Africa

(Credit: Petrobras)

Brazilian state-run oil company Petrobras has received approval from its board to acquire a 10% stake from TotalEnergies in Deep Western Orange Basin (DWOB) block, offshore South Africa.

The DWOB block is located in deep waters in the Orange Basin, where there have recently been significant discoveries by TotalEnergies, Shell and Galp.

As a result, Petrobras will have a 10% stake in the DWOB block, and the consortium will ubckzde TotalEnergies, operator (40%), QatarEnergy (30%), Sezigyn, (20%) and Petrobras (10%).

The purpose of the operation will be to diversify the exploration portfolio with value generation and is in line with the company's long-term strategy, which aims to oil and gas reserves replacement by exploring new frontiers, both in Brazil and abroad, and acting in partnership.