Petrobras has expanded its African exploration portfolio after signing production-sharing contracts for eight offshore blocks in Ivory Coast, giving the Brazilian oil giant a 90% operating stake in each area.

The agreements, signed Sept. 17 in Abidjan through Petrobras Netherlands B.V., were concluded with the government of Ivory Coast and state-owned Petroci Holding. Petroci will retain the remaining 10% interest.

The blocks are CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701 and CI-702. Petrobras said the contracts provide access to exploration areas it considers highly prospective along Africa’s equatorial margin.

Petrobras targets new African oil reserves

The Ivory Coast agreements fit Petrobras’ broader strategy of replacing oil and gas reserves through exploration in new frontiers in Brazil and overseas.

The company’s 2026-30 business plan earmarks $7.1 billion for exploration over five years, including activity in Brazil’s Equatorial Margin and international assets in countries such as Colombia, São Tomé and Príncipe and South Africa.

Petrobras President Magda Chambriard said the Ivory Coast acreage has geological characteristics similar to Brazilian sedimentary basins and that the company plans to apply its offshore expertise to the blocks.

Petrobras brings deepwater expertise to Africa

Founded in 1953, Petrobras is Brazil’s majority state-owned energy company and operates across oil and gas exploration, production, refining and energy activities. The company has developed extensive expertise in deepwater and ultra-deepwater production, particularly through its work in the Campos and Santos basins.

Its pre-salt operations helped establish Petrobras as a major deepwater producer. The company says its pre-salt reserves extend across about 150,000 square kilometers, with reservoirs reaching depths of up to 7,000 meters.

The Ivory Coast expansion gives Petrobras another foothold in Africa as it looks beyond its Brazilian production base for exploration opportunities.

Petrobras’ current plan forecasts peak oil production of 2.7 million barrels per day in 2028, while total oil and gas production is projected to peak at 3.4 million barrels of oil equivalent per day in 2028 and 2029.

For Ivory Coast, the agreements add eight offshore blocks to a sedimentary basin where the government has been seeking additional exploration and potential discoveries.