Brazilian state-controlled oil company Petrobras has finalized production sharing agreements for eight offshore exploration blocks in Ivory Coast. This move marks a significant expansion of the company's footprint in West Africa, a region that is rapidly emerging as a key deepwater frontier for oil and gas.
The contracts cover blocks CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701, and CI-702, granting Petrobras access to approximately 63,000 square kilometers of offshore acreage. These areas span from shallow waters to ultra-deep zones exceeding 4,000 meters, offering substantial exploration potential. This initiative is part of Petrobras’ broader international upstream diversification strategy, complementing its strong domestic output, particularly from Brazil's pre-salt basin.
For Ivory Coast, this development highlights growing investor interest in its offshore potential, especially following the major Baleine field discovery (estimated at over 2.5 billion barrels of oil equivalent) which began production in 2023. The Calao discovery further bolstered confidence in the region's petroleum system. With nearly 75% of the country's sedimentary basin now under contract, Abidjan aims to accelerate upstream development and establish itself alongside established regional producers like Nigeria and Angola.
Petrobras' entry into these blocks also aligns with its renewed focus on Africa as a primary exploration and development region outside Brazil, as articulated by CEO Magda Chambriard. The company sees strong geological similarities between Brazil and the African continent. This shift represents a departure from previous years when Petrobras divested assets in Africa to concentrate on domestic fields, and it now seeks to replenish reserves and stimulate economic growth.
