By Brazil Stock Guide – Petrobras (B3: PETR3; PETR4) said it has acquired a 42.5% stake in Block 2613, an offshore exploration area located off the coast of the Republic of Namibia, marking the company’s return to the African nation after several years. The transaction was carried out in partnership with TotalEnergies, which also acquired 42.5% and will act as operator of the block.
Following the deal, the consortium for Block 2613 will be composed of Petrobras (42.5%), TotalEnergies (42.5%), Eight Offshore Investment Holdings (5%) and Namcor Exploration and Production (10%), the upstream arm of Namibia’s state oil company. Maravilla Oil & Gas has fully exited the asset.
Block 2613 is located in the Lüderitz Basin and covers an area of approximately 11,000 square kilometers along Namibia’s Atlantic coast. The region has attracted growing attention from the global oil industry following a series of large discoveries in recent years, positioning offshore Namibia as one of the most promising new exploration frontiers worldwide.
For Petrobras, the acquisition aligns with its strategy of portfolio diversification and oil and gas reserve replacement, with a focus on frontier exploration areas and partnerships with major international operators. While the company has concentrated capital on high-return projects in Brazil—particularly in the pre-salt—management has signaled a selective push abroad to reduce geological concentration and expand long-term growth options.
Partnering with TotalEnergies allows Petrobras to limit financial and operational exposure in a high-risk exploration area while maintaining a significant equity position in a large block. The participation of Namcor in the consortium also strengthens institutional alignment with the Namibian government, a key factor for long-cycle upstream projects in Africa.
According to Petrobras, the transaction followed all internal corporate governance procedures and is fully aligned with the company’s 2026–2030 Business Plan. Completion remains subject to the fulfillment of customary conditions precedent, including governmental and regulatory approvals, notably from Namibia’s Ministry of Industry, Mines and Energy.
If finalized, the move places Petrobras back on the map of global exploration bets at a time when the industry is balancing capital discipline with the search for new reserves capable of sustaining production over the next decade.
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