Brazil's Petrobras to purchase offshore oil block stake in South Africa

Reuters

The purchase of the stake in the deep water field followed a competitive process held by French oil major Total

Andre Romani, Bizcommunity.com

October 4, 2024

PHOTO
FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo

Brazilian state-run oil company Petrobras announced on Tuesday, 1 October 2024 that its board gave a green light to acquire a 10% stake in the offshore Deep Western Orange Basin (DWOB) oil block in South Africa, according to a securities filing.

The purchase of the stake in the deep water field followed a competitive process held by French oil major Total, which operates the project and will retain a 40% stake in the block.

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