Brazil’s Petrobras is set to enter exclusive talks with the Ivory Coast government for exploration rights across nine offshore blocks, as part of its strategy to diversify operations and rebuild its oil reserve base outside Brazil.
The development comes after the Brazilian state controlled company submitted a declaration of interest that was approved by the West African country’s authorities, marking the first phase of the potential acquisition process.
Petrobras confirmed in a statement that it had received approval to initiate talks over nine offshore blocks, located in the western, mostly deep water region of Ivory Coast.
The country’s Council of Ministers approved the exclusive negotiation phase following efforts to promote the Ivorian sedimentary basin in the United States.
Officials noted that granting exclusivity aims to streamline discussions with Petrobras before formal contracts are drafted.
Petrobras chief executive Magda Chambriard explained that the country’s strategic location along the Atlantic Ocean offers synergies with Petrobras’ experience in Brazil
“The geographical location of Ivory Coast, on the African portion of the Atlantic Ocean, is of great interest to Petrobras,” Chambriard said. “We have a lot of experience in this region, on our side of the Atlantic, where the Campos and Santos basins are located, and I believe that we can achieve important results on the other side of the ocean as well.”
She added that the company’s renewed focus on building its exploration portfolio is key to long term growth, especially amid efforts to replenish declining reserves in Brazil.
Ivory Coast is rapidly emerging as a hotspot in West Africa’s offshore oil scene. Italian firm Eni is currently developing the Baleine oil and gas project in three phases, following the major Calao discovery.
In addition, Murphy Oil is preparing a multi well exploration campaign and drafting a development plan for the legacy Paon discovery.
With discussions set to move into contractual negotiations, the extent of Petrobras’ investment and operational timeline in Ivory Coast remains to be defined.
However, the company’s entry aligns with a wider trend of international oil firms repositioning themselves in Africa amid shifting global energy dynamics.
