- Petrobras signed production-sharing contracts covering eight offshore exploration blocks in the Ivory Coast.
- The agreements strengthen Petrobras’ West African expansion while supporting the Ivory Coast’s efforts to attract upstream investment.
Petrobras has signed production-sharing contracts with the Government of the Ivory Coast and PETROCI Holding covering eight offshore exploration blocks. The agreements, signed in Abidjan on September 17, cover blocks CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701 and CI-702.
Petrobras Netherlands B.V., a wholly owned subsidiary of Petrobras, will operate the eight blocks with a 90% interest. Meanwhile, PETROCI will retain a 10% participating interest. The agreements expand Petrobras’ presence in West Africa and give the Brazilian company access to additional offshore acreage. The move also supports the Ivory Coast’s efforts to attract international capital and deepwater exploration expertise.
The African Energy Chamber has engaged the Ivorian officials on upstream expansion, drilling campaigns and investment opportunities. During a June visit to Abidjan, the Chamber discussed the sector’s investment outlook with Minister of Mines, Petroleum and Energy Mamadou Sangafowa Coulibaly.
Meanwhile, the Ivory Coast continues to develop its offshore oil and gas industry through projects such as Eni’s Baleine field. The project currently produces more than 57,000 barrels of oil and 78 million cubic feet of gas daily.
The third phase of Baleine could increase production to 150,000 barrels of oil and 200 million cubic feet of gas per day. Consequently, the expanding exploration and development programme could create opportunities across drilling, engineering, logistics and other energy services.
For Petrobras, the new agreements support its strategy to replenish reserves through international exploration. The company has also expanded its African interests, including negotiations for four offshore exploration blocks in Ghana’s Keta Basin.
NJ Ayuk, Executive Chairman of the African Energy Chamber, said the agreements demonstrate investor confidence in Ivory Coast’s upstream potential.
“Petrobras’ decision to commit to eight offshore blocks is a strong vote of confidence in Ivory Coast’s upstream potential and in the country’s ability to attract serious, long-term investment,” Ayuk said. He added that Africa needs more exploration, investment and projects that convert natural resources into jobs, revenues, infrastructure and reliable energy.
For Ivory Coast, Petrobras’ entry strengthens its offshore exploration portfolio as African producers compete for international upstream investment. The agreements also create opportunities for collaboration between international operators and African companies across the energy value chain.