Petrobras has acquireda 10% stake in the Deep Western Orange Basin (DWOB) block after the Board of Directors has given the green light to begin operations in South Africa.
The DWOB block is located in deep waters in the Orange Basin, where there have recently been significant discoveries by TotalEnergies, Shell, and Galp.
Following a competitive process led by TotalEnergies, the consortium will have the following composition: TotalEnergies will hold 40% operating interest, QatarEnergy will hold 30% interest, Sezigyn Pty will hold 20% interest, and Petrobras will hold the remaining 10% interest.
Petrobras’s acquisition aligns with its long-term strategy to diversify its exploration portfolio and generate value. The company is focused on oil and gas reserves replacement by exploring new frontiers, both in Brazil and abroad, and engaging in partnerships to achieve this goal.
Source: Egypt Oil & Gas
