SOUTH AFRICA: Petrobras Acquires stake in the Deep Western Orange Basin block

Petrobras informs that its Board of Directors has approved the company’s operations in South Africa, enabling the acquisition of a stake in the Deep Western Orange Basin (DWOB) block, through a competitive process conducted by TotalEnergies.

The DWOB block is located in deep waters in the Orange Basin, where there have recently been significant discoveries by TotalEnergies, Shell and Galp.  

As a result, Petrobras will have a 10% stake in the DWOB block, and the consortium will have the following composition: TotalEnergies, operator (40%), QatarEnergy (30%), Sezigyn Pty. (20%) and Petrobras (10%).

The purpose of the operation will be to diversify the exploration portfolio with value generation and is in line with the company’s long-term strategy, which aims to oil and gas reserves replacement by exploring new frontiers, both in Brazil and abroad, and acting in partnership.

The acquisition of the DWOB block in South Africa complies with all the company’s internal processes and governance procedures, in line with its Strategic Plan 2024-2028+ and is subject to approval by local regulatory bodies.