Petroleo Brasileiro SA Petrobras, commonly known as Petrobras, has announced the approval by its Board of Directors for the company to commence operations in South Africa. This strategic move involves acquiring a 10% stake in the Deep Western Orange Basin (DWOB) block, which is part of a competitive process led by TotalEnergies. The DWOB block, situated in deep waters of the Orange Basin, has been the site of significant discoveries by major industry players such as TotalEnergies, Shell, and Galp. With this acquisition, Petrobras joins a consortium consisting of TotalEnergies with a 40% stake as the operator, QatarEnergy holding 30%, and Sezigyn Pty with 20%. This initiative aligns with Petrobras' long-term strategy to diversify its exploration portfolio and generate value by exploring new...Show More

Petroleo Brasileiro SA Petrobras, commonly known as Petrobras, has announced the approval by its Board of Directors for the company to commence operations in South Africa. This strategic move involves acquiring a 10% stake in the Deep Western Orange Basin (DWOB) block, which is part of a competitive process led by TotalEnergies. The DWOB block, situated in deep waters of the Orange Basin, has been the site of significant discoveries by major industry players such as TotalEnergies, Shell, and Galp. With this acquisition, Petrobras joins a consortium consisting of TotalEnergies with a 40% stake as the operator, QatarEnergy holding 30%, and Sezigyn Pty with 20%. This initiative aligns with Petrobras' long-term strategy to diversify its exploration portfolio and generate value by exploring new frontiers and forming partnerships. The transaction is in accordance with Petrobras' internal processes and governance procedures, and it supports the objectives outlined in the Strategic Plan for 2024-2028. The acquisition is pending approval from local regulatory authorities. The announcement was made on October 1, 2024, and is consistent with the company's commitment to oil and gas reserves replacement both in Brazil and internationally.