Petrobras to Invest Over CFA250B in Côte d’Ivoire’s Ultra-Deepwater Oil Exploration Programme
Brazilian state-owned oil company Petrobras has signed production-sharing contracts (PSCs) for eight offshore exploration blocks in Côte d’Ivoire, expanding its presence along Africa’s Atlantic margin.
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, through its wholly owned subsidiary Petrobras Netherlands B.V., will operate the eight blocks with a 90% interest, while Côte d’Ivoire’s state-owned PETROCI Holding will retain the remaining 10%.
The company is expected to invest more than CFA250 billion during the initial phase of the programme, including the acquisition of advanced seismic data and the drilling of at least eight ultra-deepwater exploration wells.
Côte d’Ivoire’s Minister of Mines, Petroleum and Energy Mamadou Sangafowa-Coulibaly said the agreements would increase the occupied portion of the country’s sedimentary basin to 75%, covering approximately 63,000 square kilometres where production, appraisal and exploration activities are taking place.
Under the production-sharing arrangements, Côte d’Ivoire will receive 62.5% of production, while Petrobras will receive 37.5%, according to the government.
Petrobras President Magda Chambriard said the company sees significant exploration potential in Côte d’Ivoire and plans to apply its offshore exploration expertise and technical capabilities to the acreage.
The agreements form part of Petrobras’ strategy to replenish its oil and gas reserves by pursuing new exploration frontiers in Brazil and internationally.
For Côte d’Ivoire, the investment expands exploration activity in its offshore basin and is expected to support local content, skills development, employment and growth across the oil and gas value chain.
The eight contracts also strengthen Petrobras’ growing exploration presence in Africa as the company pursues opportunities along the continent’s Atlantic margin.
