Petrobras Signs Eight Production-Sharing Contracts In Côte d’Ivoire

Brazilian state oil company Petrobras, through its wholly owned subsidiary Petrobras Netherlands B.V. (PNBV), has signed production-sharing contracts (PSCs) with the Republic of Côte d’Ivoire and PETROCI Holding for eight offshore exploration blocks, the company said.

The PSCs cover the offshore blocks CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701 and CI-702.

Under the agreements, PNBV will hold a 90% interest in the blocks and operate them, while PETROCI Holding will hold the remaining 10% stake.

“With this acquisition, Petrobras establishes a significant presence in Côte d’Ivoire, a country in a region with high exploration potential and geological characteristics similar to those of our own sedimentary basins,” Petrobras President Magda Chambriard said.

“We will apply our experience and technical expertise to these blocks, and we are confident that, by doing so, we can unlock the full potential that we believe exists along the African Atlantic margin,” she added.

The contracts give Petrobras access to exploration areas along the African equatorial margin as the company seeks to replenish its oil and gas reserves through exploration in new frontiers in Brazil and abroad.

The move is part of Petrobras’ strategy, outlined in its business plan, to diversify its exploration portfolio and pursue opportunities aimed at creating value and supporting the long-term sustainability of its business.