Petrobras has entered into an agreement to acquire from Oranto Petroleum a 75% interest and operatorship in Block 3, a new exploration concession located offshore São Tomé and Príncipe.

The financial terms of the deal have not been closed and its completion is subject to necessary governmental and regulatory approvals.

Post-completion, Oranto will hold a 15% interest, while the National Petroleum Agency of São Tomé and Príncipe (ANP-STP) will retain 10%.

The current structure of the Block 3 consortium consists of Oranto as operator with a 90% share and ANP-STP with 10%.

Petrobras stated that the transaction will boost its exploration activities in Africa and contribute to greater portfolio diversification.

The Brazilian energy company also noted that this move supports its long-term strategy to rebuild oil and gas reserves via new exploration projects and partnerships.

The agreement aligns with Petrobras’ Business Plan 2026–2030 and has followed internal governance processes.

Petrobras resumed operations in Africa in 2024, having previously acquired interests in other offshore blocks in São Tomé and Príncipe, including Blocks 10, 11 and 13, and later disclosed an acquisition in Block 4.

The Exclusive Economic Zone (EEZ) of São Tomé and Príncipe, where these blocks are located, covers around 160,000km².

It is considered a frontier region for hydrocarbon exploration and lies south of the Niger Delta and west of the Gabon salt basin.

According to regional seismic data, the area contains geological structures with similarities to neighbouring hydrocarbon-producing basins.

Prior to this, Petrobras reported the discovery of hydrocarbons in the pre-salt region of Brazil’s Campos Basin following the completion of drilling at exploratory well 1-BRSA-1404DC-RJS in block C-M-477.

The well is located 201km offshore Rio de Janeiro at a water depth of 2,984m.