Petrobras said in a statement yesterday (Tuesday) it had acquired a stake in the Deep Western Orange Basin (DWOB) block through a competitive bidding process conducted by TotalEnergies.
The DWOB block is located in deep waters in the Orange Basin where significant discoveries have recently been made by TotalEnergies, Shell, and Galp, a statement from the Brazilian oil and gas group said.
Petrobras will have a 10% stake in the DWOB block, with the consortium now composed of: TotalEnergies, operator (40%), QatarEnergy (30%), Sezigyn Pty (20%), and Petrobras (10%).
The operation aims to diversify the exploratory portfolio with value generation and is aligned with the company’s long-term strategy, which aims to replenish oil and gas reserves through the exploration of new frontiers, both in Brazil and abroad, and to operate in partnership, Petrobras said.
The acquisition of the DWOB block in South Africa complied with all the company’s internal and governance procedures, in accordance with its Strategic Plan 2024-2028+, and is subject to approval by local regulatory bodies, Petrobras said. - Edward West.