Petrobras begins negotiations to acquire four offshore blocks within Ghana's Keta Basin

Petrobras, the state-run oil company of Brazil, announced on Friday that it had submitted a?expression?of?interest?for exploration blocks in Ghana and started negotiations.

Petrobras reported that the Ministry of Energy and Green Transition of West Africa had approved Petrobras' application to negotiate contracts for exploration of four offshore?blocks within the Keta Basin.

Petrobras' head of exploration and production Sylvia Anjos said that the Ghanaian?blocks were geologically similar with Brazil's Equatorial Margin which is considered to be the most promising oil frontier in the country. Petrobras' Chief Executive Magda chambriard said last year that the oil?major intends to make Africa its primary exploratory region outside Brazil.

Petrobras is looking for business opportunities in several African countries, including Sao Tome and Principe (Sao Tome and Principe), Namibia, Ivory Coast and South Africa.

In a filing with the Securities and Exchange Commission, Petrobras said that this move was in line with its strategy to replenish oil & gas reserves through exploration of new frontier areas both in Brazil & abroad. The company said it was evaluating ways to diversify the exploration portfolio and support long-term growth. Reporting by Isabel Teles in Sao Paulo, and Rodrigo Viga Gaier at Rio de Janeiro. Editing by Joe Bavier & Matthew Lewis.

(source: Reuters)