Brazilian state-run oil firm Petrobras has stated its plans to advance more exploratory oil wells in its African oil blocks.
Sylvia dos Anjos, Petrobras exploration and production head, said on Tuesday on the sidelines of the CERAWeek conference in Houston.
The executive stated that the company expects exploratory wells to be drilled between July and August in an oil block in which it has a stake in Sao Tome and Principe.
Speaking further, the executive also said the oil giant will explore areas in South Africa, which is expected to be drilled in the second half of the year
Petrobras returned to Africa’s oil and gas exploration in February 2024 after acquiring interests in three Shell-operated exploration blocks located off the coast of São Tomé and Príncipe.
“The operation marks the resumption of exploratory operations on the African continent, with the aim of diversifying the portfolio, and is in line with the company’s long-term strategy, aimed at restoring oil and gas reserves by exploring new frontiers and working in partnership,” Petrobras said.
Sylvia also mentioned earlier that Petrobras is planning to acquire stakes in oil assets across Africa.
The company is particularly interested in Angola, Namibia, and South Africa.
This move is part of its strategy to boost reserves ahead of an expected production decline after 2030.
In addition, the company may also search for oil opportunities in Argentina, according to Sylvia/
Petrobras is particularly interested in gas from the Vaca Muerta region because it may be transported via a pipeline that connects Argentina, Bolivia, and Brazil.
The company is now waiting for a government license in Colombia while creating the development plan for an offshore project where 6 trillion cubic feet of gas have been found.
She explained that some 13 million cubic meters per day of gas from the project would be supplied to Colombia via pipeline.
Petrobras intends to raise production to 3.1 million barrels per day (bpd) by 2029 from its target of 2.8 million bpd in 2025.
Dos Anjos pointed out that because its projects are viable at $45 a barrel, the company maintains its financial stability even in the face of declining oil prices.
