Petrobras Authorized to Negotiate for Four Exploration Blocks in Ghana

en.Wedoany.com Reported - On August 21, Petrobras announced that it had submitted a letter of intent to Ghana for four offshore exploration blocks in the Keta Basin, and Ghana's Ministry of Energy and Green Transition approved direct negotiations for exploration contracts. This marks Petrobras's formal entry into Ghana's upstream exploration sector, representing the latest step in the company's strategic exploration layout in Africa.

The Keta Basin, located offshore southeastern Ghana near the Togo border, is a deepwater area that has not been fully explored. Ghana's current commercial oil and gas production is concentrated in the southwestern Tano Basin, including producing fields such as Jubilee, TEN, and Sankofa-Gye Nyame, while the Keta Basin has seen limited exploration, with only sparse 2D seismic data and two exploration wells on record. Sylvia Anjos, Petrobras's Director of Exploration and Production, stated that the geological structure of the Keta Basin shares similarities with Brazil's Equatorial Margin, and this conjugate relationship provides transferable geological insights from Petrobras's deepwater pre-salt exploration experience in northeastern Brazil.

Following the approval, Petrobras has initiated direct negotiations with the Ghanaian government on the terms of exploration contracts for the four blocks. Under Ghana's Petroleum Exploration and Production Act, direct negotiation is a statutory pathway for acquiring block interests outside of public tenders, applicable to international oil companies deemed by the government to possess the requisite technical and financial capabilities. Negotiations typically cover core terms such as exploration period duration, minimum work obligations, localization commitments, and equity participation ratios.

Petrobras's current exploration footprint in Africa spans Namibia, São Tomé and Príncipe, and South Africa. In Namibia, Petrobras signed a contract in 2025 to acquire an interest in Block 2613, located offshore southern Namibia, which is currently awaiting regulatory approval from government authorities. In São Tomé and Príncipe, Petrobras holds an interest in Block 6 and initiated 2D seismic data acquisition in late 2025. Petrobras CEO Magda Chambriard has stated that the company plans to position Africa as a primary exploration frontier outside Brazil, complementing the long-term reserves of Brazil's domestic pre-salt fields.

The specific block numbers and potential equity interests for the four blocks under negotiation in Ghana have not yet been disclosed, nor have the negotiation timeline and planned exploration commitments been revealed. Should an agreement be reached, Petrobras will sign an exploration and production agreement with the Ghanaian government, followed by an exploration phase encompassing seismic acquisition and drilling obligations. In its announcement, Petrobras did not mention whether it would bring in partners or disclose the planned investment amount.