Petrobras has exclusive rights to explore offshore blocks in Ivory Coast

Petrobras, the state-owned oil company of Brazil, announced on Wednesday that it had won exclusive rights to negotiate for the purchase nine offshore exploration blocks in Ivory Coast.

Petrobras stated in a filing that the government had conceded to the exclusive talks after the oil company presented a declaration indicating its interest in the assets.

According to the Ivory Coast Government, the blocks are located mostly in deep water in the western part the national sedimentary Basin.

The Ivory Coast Council of Ministers stated in a press release that Petrobras would "help to further develop western margin of country's sedimentary basin, which is relatively unexplored," citing its experience in deep water.

Petrobras recently showed its potential.

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In order to increase its future oil reserves, the country will continue to invest in African oil assets.

Petrobras stated that the evaluation of new areas is aimed at diversifying its exploration portfolio and generating value. (Reporting from Andre Romani and Loucoumanecoulibaly, in Sao Paulo; additional reporting from Marta Nogueira, in Rio de Janeiro. Editing by Brendan O'Boyle).

(source: Reuters)