Petrobras has signed production-sharing contracts (PSCs) for eight offshore exploration blocks in Côte d’Ivoire, giving the company a major operating position along the African Atlantic margin.
The agreements cover blocks CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701, and CI-702. Petrobras will operate the blocks through its wholly owned subsidiary, Petrobras Netherlands B.V. (PNBV), and hold a 90% interest. Côte d’Ivoire’s state-owned PETROCI Holding will hold the remaining 10%.
Petrobras, the Republic of Côte d’Ivoire, and PETROCI signed the contracts in Abidjan. Sylvia Anjos, Petrobras’ executive director of exploration and production, attended the signing ceremony.
Petrobras President Magda Chambriard said the acquisition gives the company a stronger presence in Côte d’Ivoire, where the geology shares similarities with some of Brazil’s sedimentary basins.
Chambriard said Petrobras will use its exploration experience and technical expertise to assess the potential of the blocks along the African Atlantic margin.
The move supports Petrobras’ plan to replace its oil and gas reserves by exploring new areas in Brazil and other countries. The company also expects international exploration opportunities to broaden its portfolio.
Petrobras has not disclosed how much it plans to spend on exploration, its drilling commitments or when it plans to begin work on the eight blocks.
source:worldoil.com
African Energy Council