Petrobras Takes Stake In Sa West Coast Oil And Gas Exploration Block

Petrobras said in a statement yesterday Tuesday it had acquired a stake in the Deep Western Orange Basin DWOB block through a competitive bidding process conducted by TotalEnergies.

The DWOB block is located in deep waters in the Orange Basin where significant discoveries have recently been made by TotalEnergies, Shell, and Galp, a statement from the Brazilian oil and gas group said.

Petrobras will have a 10 stake in the DWOB block, with the consortium now composed of TotalEnergies, operator 40, QatarEnergy 30, Sezigyn Pty 20, and Petrobras 10.

The operation aims to diversify the exploratory portfolio with value generation and is aligned with the companys long-term strategy, which aims to replenish oil and gas reserves through the exploration of new frontiers, both in Brazil and abroad, and to operate in partnership, Petrobras said.

The acquisition of the DWOB block in South Africa complied with all the companys internal and governance procedures, in accordance with its Strategic Plan 2024-2028, and is subject to approval by local regulatory bodies, Petrobras said. - Edward West.