-- Brazil's state-run oil company Petrobras (PBR) said Friday it has agreed to acquire a controlling stake and assume operatorship of offshore Block 3 in Sao Tome and Principe from Nigeria's Oranto Petroleum.
Under the terms of the deal, Petrobras will take a 75% interest in the block located offshore the tiny island nation of Sao Tome and Principe, which sits in the Gulf of Guinea off Africa's west coast.
Upon completion, the consortium will consist of Petrobras as operator with 75%, Oranto with 15%, and the National Petroleum Agency of Sao Tome and Principe retaining its 10% stake. Oranto currently holds a 90% interest and serves as operator.
Petrobras said the acquisition builds on its renewed presence in Africa since 2024, where it already holds stakes in other blocks in Sao Tome and Principe. The move is aimed at strengthening exploration activities in the region and diversifying the company's portfolio.
Completion of the deal is subject to customary conditions, including regulatory and government approvals in Sao Tome and Principe.
Petrobras said it will disclose any material developments related to the transaction to the market.
Price: $19.98, Change: $-1.52, Percent Change: -7.07%