By Brazil Stock Guide – Brazil’s state-run oil company Petrobras (PETR4) has started negotiations for exploration rights in four offshore blocks in Ghana’s Keta Basin, the company said on Friday, as it seeks to replenish oil and gas reserves and expand its exploration portfolio abroad.
Ghana’s Ministry of Energy and Green Transition approved Petrobras’ application to enter direct negotiations over exploration contracts for the four blocks, the company said in a securities filing.
The move is still at an early stage. Petrobras has not yet signed exploration contracts, committed to drilling wells or announced any discoveries in the area.
The Brazilian producer said the initiative is part of its strategy to rebuild reserves by pursuing new exploration frontiers both in Brazil and overseas.
Petrobras has been seeking additional exploration opportunities as it looks to sustain production over the longer term and reduce its reliance on discoveries in its core Brazilian offshore areas.
The Keta Basin lies off Ghana’s eastern coast in West Africa. Any eventual production would depend on successful contract negotiations, exploration work and commercially viable discoveries.
Petrobras said evaluating opportunities outside Brazil is aimed at diversifying its exploration portfolio and supporting long-term value creation.
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